ValueAct Acquires 6.7% Stake In New York Times; Describes Stock As 'Undervalued'

San Francisco-based investment firm, ValueAct Capital Partners LP has acquired a 6.7% stake in New York Times Co NYT, according to a regulatory filing.

The investment firm has acquired the stake for $350.24 million. 

ValueAct noted that NYT stock is undervalued and represented an attractive investment opportunity.

The firm will likely bat for the media house to vigorously market its subscriber-only content, the Wall Street Journal reported.

New York Times is looking to attract young readers by expanding its presence in areas including lifestyle and Games.

The media house recently acquired the sports-media company the Athletic and digital word game Wordle.

ValueAct will also discuss with New York Times about having a representative on the board.

Price Action: NYT shares closed higher by 10.6% at $35.05 on Thursday.

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