Shares of Time popped more than 5 percent after Jana Partners revealed a share stake in the media company.
The investment manager Jana Partners has taken a sole share stake of about 5 million shares in Time, according to an SEC filing Monday.
The company reported second-quarter adjusted earnings of 22 cents per share on revenue of $749 million earlier this month. For the second-quarter "total advertising rose 1 percent with print down 13 percent and digital up 54 percent," said a Gabelli & Company analyst in a company note.
Shares of Time have dropped almost 8 percent so far this year.