Wednesday, April 25, 2007
The public shareholders of the New York Times expressed their displeasure with the stock's poor performance and the dual class structure by withholding 42% of the Class A shares for the four directors they are entitled to elect. This represents more than half of the shares that are not part of the Ochs-Sulzberger family. The newspaper said that the directors would hold their offices. Seventy per cent of the directors are elected by the Class B shares, controlled by the family trust. Arthur Sulzberger has consistently stated that removing the two-class structure is not up for negotiation. See NYTimes, Shareholders of Times Co. Hold Out 42% of Board Vote ; WSJ, New York Times Holder Protest Grows.