| |||||||||||||||||||||||
| |||||||||||||||||||||||
 While most of the business media was busy dissecting the Bear Stearns Cos. news Monday, The New York Times Co. announced it would give in to a group of activist hedge funds seeking representation on the media's company's board of directors in an attempt to avoid a proxy fight. Consequently, Harbinger Capital Partners and Firebrand Partners, which had bought 19% of the Times' publicly-traded class A stock, will receive two board seats.
Although the firms had nominated a slate of four to the class A shareholder representatives, instead only two class A board seats will be filled. Firebrand's Scott Galloway and buyout firm Kohlberg & Co.'s James Kohlberg are taking those positions. Additionally, the Times will expand the class A board seats to five from four. The agreement marks the first time since the publisher went public 41 years ago that it has accepted directors nominated by outsiders. For the time being, it settles the most serious bid the company has faced to loosen the grip of the Sulzberger family, which still controls a majority of the board through the Times' privately held class B stock. Additional coverage will come later in The Daily Deal and on TheDeal.com. -- Matthew Wurtzel See story from The New York Times CategoriesComments Deal Video
    Community
 Elsewhere on The Deal.comDealwatchThe Deal MagazineCorporate Dealmaker
The Deal VideoCategories
Blog roll
Archives
| |||||||||||||||||||||||
|
|
|
|
|
Interesting post! Firebrand's Scott Galloway and buyout firm Kohlberg & Co.'s James Kohlberg are taking those positions.