Hedge Fund Wants Seats On N.Y. Times Board
January 28, 2008 at 5:27 AM (PT)
HARBINGER CAPITAL PARTNERS has given notice to THE NEW YORK TIMES CO. that it will attempt to place its own directors on the TIMES board. The hedge fund owns less than 5% of the company and is also trying to put directors on the board of newspaper and TV owner MEDIA GENERAL. At the TIMES, the SULZBERGER family owns most of the Class B stock that controls 9 of 13 board seats.
TIMES Chairman ARTHUR SULZBERGER, JR. said, "We have a strong and independent board, but our board’s nominating and governance committee will review the nominations and make a recommendation to our shareholders in due course."
The TIMES owns Classical WQXR/NEW YORK.