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Wednesday, October 17, 2007

Dumping the Liberal Old 'Gray Lady'

The stock market does not like the NY Times. Agenda driven dead-tree journalism is a money losing proposition. The New York Times Company's share price has hit a new 10+ year low.

NY Times stock info at Google finance
Leon Lazaroff and Jeff Kearns / Bloomberg:
Morgan Stanley Sells Entire New York Times Stake -- Morgan Stanley, the second-biggest shareholder in New York Times Co., sold its entire 7.3 percent stake today, according to a person briefed on the transaction, sending the stock to its lowest in more than 10 years. [...]

Hassan Elmasry, managing director of Morgan Stanley Investment Management, unsuccessfully challenged the Sulzberger family's control of New York Times Co. through super-voting stock that gives them a board majority. Shareholders owning 42 percent of the company, parent of the namesake newspaper and Boston Globe, withheld support for directors at the publisher's April annual meeting.

This guy has been speaking for a lot of people who are too discreet to speak up and challenge management,'' said Porter Bibb, a managing partner at Mediatech Capital Partners LLC in New York and a former New York Times Co. executive.

New York Times shares slid 43 cents, or 2.3 percent, to $18.48 at 4:04 p.m. in New York Stock Exchange composite trading, the lowest since January 1997. The stock has declined 24 percent this year. [...]

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The NY Times on the NY Times

DealBook:
Morgan Stanley Sells New York Times Stake -- Mr. Sulzberger reiterated at the annual meeting that the Sulzberger family trust, which has sole power to combine the company’s Class A and Class B shares, would make no such move. The Sulzberger family controls 89 percent of Class B shares.

The vote was symbolic, as Class A investors can elect only 30 percent of the board; Class B shareholders have the power to elect 70 percent of the directors. [...]
comment: The greater fool question: who bought the 10+ million shares?

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