Mayor Bloomberg to Buy the NYT? Publisher Sulzberger Says No
The NYT Co. also headed off a possible proxy fight at its annual shareholders meeting by installing two representatives of its critics onto its board of directors.
Posted by:
Clay Waters
4/24/2008 3:16:47 PM
The Times' annual shareholder meeting took place this week, but Stephanie Clifford's story was relegated to the back pages of the Wednesday business section, probably because the meeting was anticlimactic.
A possible proxy fight expected months ago never materialized, as the Times leadership shrewdly made plans to inoculate itself from criticism by bringing representatives of the critics on board -- the company's board of directors, to be precise.
New York Times publisher Arthur Sulzberger Jr. also had to deny rumors that the paper might be sold to liberal Republican NYC Mayor Michael Bloomberg:
Two investors who were part of a group that threatened a proxy battle against The New York Times Company were elected as directors at the company’s annual meeting on Tuesday.
Arthur Sulzberger Jr., the chairman of the Times Company, also used the meeting to dismiss rumors about a possible sale. Newsweek and The New York Post reported on Monday that Mayor Michael R. Bloomberg of New York might be considering a purchase, a rumor that Mr. Sulzberger denied; Mr. Bloomberg denied the rumor on Monday.
“This company is not for sale,” Mr. Sulzberger said. “This company will continue to have the ownership it enjoys today.”
|
