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Harbinger Capital Sells More NYT Shares

Major New York Times stockholder Harbinger Capital sells 2.9 million shares after the company reports a loss in the third quarter.

NEW YORK (

TheStreet

) -- Major

New York Times

(NYT) - Get New York Times Company Class A Report

stockholder

Harbinger Capital Partners

(HRG)

sold 2.9 million shares after the company reported a $4.3 million loss in the third quarter.

According to a Thursday regulatory filing, the sale brings Harbinger's stake in the

New York Times

down to 7.4%. Harbinger has steadily divested shares throughout the year. In April Harbinger disclosed it had a 9.4% stake, which was down from its 12.8% stake at the beginning of 2010.

The New York Times' revenue declined 2.7% to $554.3 million from $569.5 million during the quarter as total advertising revenues fell 1.0% and circulation was down 4.8% in the third quarter.

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New York Times shares are down more than 38% over the past year and are trading around $7.70.

-- Written by Theresa McCabe in Boston.

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