Can an Activist Investor Unlock Big Gains for This Stock?
While many print media stocks have been resigned to the dustbin of history, the New York Times (NYSE: NYT) has shown plenty of signs of life, with a five-year return of 80%. It can be difficult to teach an old dog new tricks, but this 170-year-old, iconic New York City newspaper has done a great job of reinventing itself as a modernized digital media platform and is a strong success story in the sector. However, a prominent activist investor believes that there could be more upside ahead and that the company could do even more to unlock additional value for shareholders.
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ValueAct Capital Management, a prominent activist investor with over $6 billion in assets under management, recently initiated a position in New York Times with a stake worth over $86 million during the second quarter. ValueActs now owns about 6.7% of the company's shares.
Source Fool.com
