Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, April 25, 2007

New York Times Shareholders Withhold 42% of Vote for Directors

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.

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