Investor group hikes stake in New York Times; seeks board seat
23 Feb 2008
Mumbai: An investment firm representing a dissident investor group has increased its stake in The New York Times Co further to 15.6 per cent, and is seeking seats on the board of the company.
The Times, meanwhile, filed a preliminary proxy statement that didn't include the four candidates being proposed by Harbinger Capital, currently the single largest shareholder in The New York Times Co.
The group said it was disappointed by the list of nominees given by the publisher and was preparing a proxy battle.
The group, comprising hedge fund Harbinger Capital Partners and investment firm Firebrand Partners, has increased its stake in the Times to 15.6 per cent from about 12 per cent, according to a regulatory filing.
The publisher, however, said the Harbinger candidates were still under consideration and that the company would file its final proxy statement later for its annual shareholder meeting, which is scheduled to be held April 22.
Harbinger, which has about five per cent of the The New York Times' class A shares, said it is being advised by a New York University marketing professor to propose four candidates for the Times board and that they planned to file their own proxy next week.
The investor group said it would press for changes in the Times' two-class share structure, which allows the Sulzberger family to maintain control by electing 70 per cent of the board, leaving only 30 per cent to the public.
