New York Times: Only the flagship is sacred
By Leah McBride Mensching, Tuesday 11 March 2008 at 21:27 :: Newspaper Data :: #1383 :: rss
In the face of low share prices and dissident shareholders calling for the selling of assets, the flagship newspaper is the only part of the New York Times Co. that is sacred, the company said Tuesday, Reuters reported.
Harbinger Capital Partners and Firebrand Partners have climbed aboard the company, and look to push the company into investing even more into its digital businesses. Meanwhile, stock prices have dropped 35 percent since a high last June, according to Reuters.
“We are not married to any one asset, other than the New York Times newspaper,” James Follo, chief financial officer, said at a media conference, according to Reuters. However, he also noted that “we're not going to do a deal until the valuation is right.”
Dissident shareholders Harbinger and Firebrand own 19 percent of the company's publicly traded Class A shares, and is seeking four seats on the company's board at the next annual shareholder meeting April 22.
The Boston Globe, the estimated US$1 billion New York Times building in Times Square and several regional newspapers could all be considered for a sale, analysts and sources familiar with Harbinger and Firebrand have said, Reuters reported.
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