NY Times headquarters
Posted on 05/05/2006 3:20:47 AM PDT by Liz
NY Times headquarters
Investors are increasing their bets that the slumping New York Times stock, which has plunged 25 percent in the past year, won't bounce back anytime soon. Short sellers, who profit when a stock's price falls, increased their positions to 14.6 million shares in April. Short sellers held 14 million shares in March and just 6.4 million shares last April.
The blossoming short selling in Times stock is a key sign that investors feel the newspaper titan and its boss, Arthur "Pinch" Sulzberger, Jr., have done little to quell stockholder unrest that cropped up at its mid-April board meeting.
Morgan Stanley Asset Management, which controls 5.6 percent of Times Co.'s non-voting stock is leading a dissident group of shareholders. At the Times' recent annual meeting, 28 percent of the shareholders voted to withhold support for the Sulzberger family's choices for the board of directors.
--SNIP--
McIntyre speculated that pressure could be building on the family to make serious changes in its management structure. Its dual class of voting stock gives family members control of 70 percent of the board.
In mid-April, Morgan Stanley filed SEC papers witholding their support from the Sulzberger family's planned appointments to the board. It also urged an end to the Times' dual stock structure since it "fosters a lack of accountability," Morgan Stanley said in its filing.
Earlier, industry watchdog Glass Lewis publicly blasted the pay packages of "Pinch" Sulzberger and of Janet Robinson, the Times' president and CEO. So far, the Sulzberger family appears to have stood together amid the blistering criticism.
But some observers are wondering how long that will last........"All it takes is one unholy alliance and Pinch could be forced out."
(Excerpt) Read more at nypost.com ...
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What a nice story to begin the day with.
Yes: It is a pleasant story.
The New York Times hasnt got a clue.
They have no idea that their liberal slant on the news is putting them under.
They don't because everyone THEY know reads their paper.
Yeah, the crowd at the Hamptons would not miss an issue. LOL.
Happy bump!
Journalism is bad news.So journalism about journalism tends to be good news.
Which is why they hate to be under the same microscope they put others under.
That or miss the CBS evening news.
I've never shorted a stock in my life but today I'm going to learn how.
A conservative value investor, I'm going to take a flyer to revel in the Pinch pain.
What wonderful news to go with my morning coffee.
Ny Slimes will be the role model Enron of the Dinosaur Fishwraps.
Poor perfomance, arrogance and BS don't fly very well in today's stock market.
Pinch had better get ready to get punched again and again this year.
What can he do if he gets fired? There isn't much of a job market for a limo Marxist Homosexual Lunatic who had his wet dreams printed as drive by shooting of our president. He can probably be a towel boy at the nearest Gay Hottub.
Yes, shameless Schadenfreude at the expense of Dork Pinch.
Hello.
"Short sellers...increased their positions to 14.6 million shares in April. Short sellers held ...6.4 million shares last April. "
Talk about an anchor on the neck of the NYSlimes !
Even Pinch will have a hard time explaining this.
Pinch should stay.
Pinch is like drunk Teddy Kennedy driving his olds over a bridge.
If the stock holders force a change, then the new guy might be able to save the fish-wrap.
Let the NYTimes crash.
""Short sellers...increased their positions to 14.6 million shares in April. Short sellers held ...6.4 million shares last April. "
"Talk about an anchor on the neck of the NYSlimes !"
"Even Pinch will have a hard time explaining this. "
There are some a$$hole Mutual Fund Managers and the Execs of the Fund Companies will should have an even harder time explaining why they bought so much NY Slimes stock in the last year and held on to it.
This article needs to be sent every CEO of a Mutual Fund Company and ask them if any of their fund managers have been buying a lot of NY Slimes Stock. If so why?
If they bought the stock to shore up this liberal icon, they are criminal in my eyes. If the Mutual Fund CEO's and board members forced fund managers to buy NYT shares to protect their liberal buddy, Pinch, they should resign and go to the SEC for punishment. This reeks of a lot of class actions suits.
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