American hedge fund Golden Tree Asset Management LP lifted its stake in Postmedia Network Canada Corp in November. The hedge fund presently owns 39% of the newspaper chain. This was according to a report published by Financial Post.
Golden Tree is the largest stakeholder of Postmedia. The American firm also has a representative on the latter's board of directors, the report stated.
A December 4 regulatory filing showed that Golden Tree bought an additional 4% in Postmedia's Class B shares last month. The fund said in the filing that it spent $1.6 million to purchase the additional holding in the newspaper chain's shares, the report detailed.
The media firm's shares are being traded on the Toronto Stock Exchange for $1.90 apiece. Postmedia is the largest English-language daily newspaper publisher in Canada, the report added.
The stake purchase came just two months after Silver Point Capital, another American investment firm, took a 19% stake in Postmedia, Financial Post reported.
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