In and out…

February 21, 2007

images.jpegThough I don’t spend nearly as much time looking at 13Ds and Gs as Lon over at 13DTracker does, there were two interesting G’s filed last week on The New York Times (NYT) that seem even more interesting, given today’s news that January ad revenues fell another 2.1%. (Full disclosure: I’ve been a freelancer on and off for the Times for quite some time).

First, the positive news: according to this 13G, T. Rowe Price may be one of the few who are bullish on newspapers these days. The company upped its stake to 21.4 million shares, or just shy of 15%. An earlier 13G from last year put the holdings at 19.8 million shares.

But according to this 13G, which was filed the same day, Fidelity isn’t feeling as bullish, cutting its stake to just under 6%, compared with 8.5% a year earlier. Also reducing his stake, as noted in the WSJ last week, was Bruce Sherman of Private Capital Management. It was Sherman who prompted the sale of Knight-Ridder last year, which in term led to a chain reaction that prompted a number of other sales.

Unlike Morgan Stanley, which included this helpful letter in a 13D it filed last month, after watching the Times reject a shareholder resolution it wanted included, it’s hard to know what Sherman, Fidelity or T.Rowe Price were thinking. But clearly, this is interesting to watch, especially from the sidelines.

Also: if you didn’t catch my interview on CNBC earlier this morning, there’s a link here.

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