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: firstname.lastname@example.org.