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The Wall Street Journal: Activist investor Starboard grabs stake in Tribune Media

Hedge fund Starboard Value LP has opened a 6.6% stake in Tribune Media Co., the slimmed down television group formed by Tribune Co.’s split in 2014.

Tribune’s TRCO, +2.21% newspapers — including the Chicago Tribune and Los Angeles Times — are now part of Tronc Inc.

Starboard, which has fought successful proxy battles against such companies as Yahoo Inc. YHOO, +0.89% and Darden Restaurants Inc. DRI, -0.04% , on Tuesday said it believed the company’s stock was undervalued but noting it didn’t have any immediate plans to push for change. By marking its interest as “active” by filing a Form 13-D, however, Starboard left the door open for the kind of active role for which it’s known.

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