Thursday, October 18, 2007
The New York Times Co. is one of the best examples of a dual-class share structure that allows a public company to vest perpetual control in a shareholder group, in this case, the Ochs-Sulzberger family. For two years, Morgan Stanley, a 7% shareholder, waged a campaign to change the structure, but no more. It has sold its block of New York Times stock. The stock price closed yesterday at its lowest since January 1997. NYTimes, Big Holder Sells Stake in Times Co.; WSJ, Sign of Times:Don't Fight The Family?