Archive for Wednesday, April 23, 2008
New York Times Co. is ‘not for sale’
Publisher Arthur Sulzberger Jr. tells shareholders that his family will stay on as owners.
The New York Times Co. on Tuesday denied recent speculation that it might be sold to or merge with Bloomberg L.P. or another media partner.
“The company is not for sale,” Publisher and Chairman Arthur Sulzberger Jr. told a crowd of several hundred shareholders Tuesday at the company’s annual meeting in its lavish new skyscraper headquarters in midtown Manhattan.
Acknowledging the presence at the meeting of his father, former Publisher Arthur Sulzberger Sr., and his cousin and fellow board member Michael Golden, Sulzberger said his family would continue as owners.
Sometimes to the frustration of activist shareholders, the company’s two-tiered stock structure gives the Sulzbergers voting control despite their holding well less than half of the total shares.
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