From a Bloomberg story today:
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.
Yet more evidence that the profit-driven markets are an appallingly bad model for journalism that’s in the public interest?
|77 Bloor St. West, Suite 600, Toronto, ON M5S 1M2|
|Charitable Registration No. 132489212RR0001|
Founded in 1990, The Canadian Journalism Foundation promotes, celebrates and facilitates excellence in journalism. The foundation runs a prestigious awards and fellowships program featuring an industry gala where news leaders…
Ⓒ2022 The Canadian Journalism Foundation. All Rights Reserved.
powered by codepxl