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Harbinger wins seats on New York Times' board

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Published March 17, 2008 at 3:38 PM
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.

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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
See story about Harbinger from TheDeal.com
See story about board nominees from TheDeal.com
See Dealscape: Harbinger takes the next step against NYT Co.
See Dealscape: Denham, Buffett and the Times: A little context
See Dealscape: Harbinger, Firebrand boost Gray Lady stake
See Dealscape: In the boardroom: The New York Times shakes up its slate
See Dealscape: Times tells shareholders to rebuff hedge funds
See Dealscape: Activist ups stake in NY Times Co.
See Dealscape: Hedges up NY Times stake, nominate slate
See Dealscape: Harbinger, Firebrand take aim at New York Times board



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From: buy new pc,

Interesting post! Firebrand's Scott Galloway and buyout firm Kohlberg & Co.'s James Kohlberg are taking those positions.

Posted on: December 13, 2008 9:22 AM


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