NEW YORK ( TheStreet) -- Major New York Times ( NYT) 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.

>>NYT Stock Down on Earnings Drop

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.

>To contact the writer of this article, click here: Theresa McCabe.

>To follow the writer on Twitter, go to @TheresaMcCabe.

>To submit a news tip, send an email to: tips@thestreet.com.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

More from Stocks

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

At End of May, Investors Signalling They May Stay Away

At End of May, Investors Signalling They May Stay Away

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever