Time Warner has made it harder for an activist shareholder to storm the gates.
The media giant’s board has enacted a rule that bars any shareholder or group of shareholders from nominating a person to its board unless the person or entity “has owned 3 percent or more of [Time Warner stock] continuously for three years,” according to a regulatory filing.
The board took the action on Jan. 28, according to the late Tuesday filing with the Securities and Exchange Commission.
Several activist investors have been circling Time Warner, The Post has reported, including Nelson Peltz, Keith Meister and Dan Loeb — although not one has made any overt move.
All three men have declined comment. Time Warner shares on Tuesday fell 2.6 percent, to $70.50.