This is an interesting picture by Jin Lee for Bloomberg News:
Arthur O. Sulzberger, Jr. chairman and publisher of The New York Times Co., departs the company’s shareholders meeting at the New Amsterdam Theatre in New York, Tuesday, April 24, 2007 … using a back exit door.
Just in case.
New York Times Co. shareholders, led by Morgan Stanley, withheld 42 percent of their votes from directors to protest the Sulzberger family’s control over the company.
Five years ago, The New York Times stock was $51.88 (July 5, 2002).
This Friday, the same shares were traded at $18.87.
Not the best financial performance for a first-class newspaper.
The Sulzberger family has a problem.
They need money.
But Wall Street is not listening.
The stock is so cheap that almost any rival could buy all the available shares for next to nothing.
You don’t need to be a Google to buy all this stock.
The problem and the solution here is, again, the family.