Farallon Discloses Multi-Entity NYT Holdings Totaling Millions of Shares
Rhea-AI Filing Summary
The filing is a Schedule 13G submitted by Farallon-affiliated funds reporting shared beneficial ownership of Class A common stock of The New York Times Company. The report lists multiple Farallon funds and related entities that hold blocks of shares held directly by the funds, with differing reported aggregates for individual reporting persons and fund entities.
Key reported positions include Farallon Partners, L.L.C.: 5,476,021 shares (3.4% of the class), Farallon Equity Partners Master, L.P.: 3,921,996 shares (2.4%), Farallon Capital Offshore Investors II, L.P.: 661,749 shares (0.4%), and a set of Farallon individual reporting persons each shown with an aggregate beneficial amount of 5,609,546 shares (3.5%). For the reported positions, sole voting and dispositive power are shown as 0, with voting and dispositive power reported as shared. The filing is made pursuant to Section 240.13d-1(c) and includes a certification that the shares were not acquired to influence control of the issuer.
Positive
- Clear consolidated disclosure of multiple Farallon funds and related entities holding NYT Class A shares, improving transparency for investors
- All reported positions include shared voting and dispositive powers, and the filing includes an explicit certification that shares were not purchased to influence control
Negative
- No reporting person holds sole voting or dispositive power, which limits clarity on which entity exercises day-to-day investment discretion
- No single Farallon entity exceeds 5% of the class, so the group lacks a controlling stake and has limited governance influence per the filing
Insights
TL;DR: Large institutional disclosure but no single Farallon entity exceeds a controlling stake; holdings are shared and below 5%.
The filing aggregates multiple Farallon funds and related entities reporting shared beneficial ownership of New York Times Class A shares. Material line items show Farallon Partners, L.L.C. with 5,476,021 shares (3.4%) and Farallon Equity Partners Master, L.P. with 3,921,996 shares (2.4%). All reported positions list 0 sole voting or dispositive power and nonzero shared powers, indicating investment discretion is exercised collectively through the Farallon structure rather than by an individual fund. Because no reported holder exceeds 5%, this disclosure is informational and unlikely to change valuation or control dynamics by itself.
TL;DR: Shared voting/dispositive powers and formal disclaimers limit governance impact despite multi-entity economic exposure.
The filing identifies numerous Farallon entities and individual managers who may be deemed beneficial owners, but each reporting page shows shared voting and dispositive power rather than sole control. The filing expressly disclaims an intent to influence control and is submitted under Section 240.13d-1(c). From a governance perspective, the structure and disclaimers reduce the likelihood of immediate activist action, though aggregated economic exposure is documented for investor transparency.