Entries tagged "Firebrand"
Rupert Murdoch isn't the only communications magnate putting money into prime U.S. newspapers assets. Latin American telecommunications tycoon and billionaire investor Carlos Slim Helú disclosed a 6.4% stake in New York Times Co. late Wednesday. Slim's family trust holds 9.1 million shares of the publisher. ...
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. ...
The backstory of board nominees is always fascinating. Faced by activist pressures, the New York Times Co. has assembled a slate of board nominees for the four seats (out of 13) that Class A shareholders -- that is, common shareholders -- get to vote on. One of them is Robert Denham, a partner at Munger Tolles & Olson LLC in Los Angeles and a former chairman and CEO of Salomon Brothers. Why Denham? Well, he's apparently a fine attorney with Wall Street experience, but on the surface he's no media maven, although he did represent the Chandler Trust, the Puliam...
The New York Times Co. is shaking up its director slate in an attempt to blunt a board insurgency from activist shareholders Harbinger Capital Partners and Firebrand Partners LLC. Harbinger and Firebrand have quickly amassed a 19.03% stake in the New York Times and are expected to put more pressure on the Sulzberger family. The activists have put forward four Class A board nominees who mostly have backgrounds (no surprise) in finance, while the Times is pulling in big name from media, financial services and Internet commerce for both Class A and B. The Times' annual meeting is on April 22....
