Activist Investor Fivespan Takes Stake in New York Times

The financiers that led a high-profile activist campaign at the New York Times Co. three years ago have now taken a stake in the iconic newspaper company via their new investment firm.

Fivespan Partners, the activist investment firm started last year by Dylan Haggart and Sarah Coyne, has built a position in the Times and is pushing it to use artificial intelligence to expand its subscription base, according to a letter to Fivespan investors reviewed by Bloomberg News. The pair led ValueAct Capital Management’s investment at the Times before leaving to open Fivespan.