Worst day in decades for shares of NYT and Media General

Yahoo! Finance reports shares of New York Times Co. and Media General Inc. dropped to their lowest level in decades Wednesday. The steep declines occurred after an "activist hedge fund that holds seats on both companies' boards limited its interest in the newspaper publishers." 

Shares of New York Times Co. fell 6.6 percent to close at $6.61. The stock fell to its lowest levels in decades when it hit $6.54 earlier in the session.

Shares of Media General dropped 30 percent, or $1.27, to $2.93. This was the company's "lowest point in decades."

The New York Times owns The Boston Globe, the International Herald Tribune and, of course, The New York Times. Media General publishes The Tampa Tribune and the Richmond Times-Dispatch. 

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