Monday, January 28, 2008
Two hedge funds, Firebrand Partners and Harbinger Capital Partners, owning 4.9% stake in the New York Times, announced their intent to name four directors. In a letter to the Times, Firebrand said it wanted the company to sell some assets and focus on digital publishing and would not seek to change the Times' two-class share structure that enables the Ochs-Sulzberger family to control the board. A Morgan Stanley investment fund recently ended its two-year campaign to make changes at the newspaper publisher. NYTimes, Hedge Fund’s Letter Explains Intentions Regarding The Times; WSJ, Hedge Fund Seeks to Sway New York Times.