Why Did The New York Times Stock Jump Nearly 12% Yesterday?
Shares of The New York Times Company (NYSE: NYT) jumped nearly 12% yesterday after activist investor ValueAct disclosed a 6.7% stake in the American mass media company. NYT stock ended the day gaining 10.6% at $35.05 on August 11. As per a regulatory filing, ValueAct Master Fund bought 11,014,741 shares of The New York Times, representing a 6.7% stake in the company. The shares were bought over multiple transactions in the period from June 13, 2022, to August 11, 2022, with prices ranging between $28.76 to $32.10.
Why Did The New York Times Stock Jump Nearly 12% Yesterday?
Shares of The New York Times Company (NYSE: NYT) jumped nearly 12% yesterday after activist investor ValueAct disclosed a 6.7% stake in the American mass media company. NYT stock ended the day gaining 10.6% at $35.05 on August 11. As per a regulatory filing, ValueAct Master Fund bought 11,014,741 shares of The New York Times, representing a 6.7% stake in the company. The shares were bought over multiple transactions in the period from June 13, 2022, to August 11, 2022, with prices ranging between $28.76 to $32.10.