Posted on 12/09/2006 5:48:50 PM PST by mdittmar
Beset by calls for reform from angry shareholders and a dismal stock price on Wall Street, the beleaguered New York Times Company began to fight back last week, saying it had 'no intention' of dismantling an ownership system that gives the Ochs-Sulzberger family absolute power over the media giant.
For the past century, the family has controlled the company but sharks are circling as the paper struggles to adjust to the internet and achieve market value commensurate with its place as one the world's most influential newspapers.
(Excerpt) Read more at observer.guardian.co.uk ...
Truth is fascinating!
Short it or buy Puts.
I don't if the stock can be borrowed, though.
"chief executive Janet Robinson ... was pleased the Times had a dual class structure 'designed to protect these institutions in times of stress'."
What arrogant princes and princesses they all are! What elitist, ossified dinosaurs they are!
With their "ruling families" and "dual class structure" and "concentrating power in family hands" and "protecting these institutions", these people sound like the French aristocracy just before you-know-what happened. These liberals sound positively backward--by their own definition of the term.
I hope the Shareholder Gangs of New York eat them.
I saw a statement in an investment letter from someone at the NYT, and they want to protect "journalism from outside interests" taking control of their effetist, leftist, cocktail party friends.
May God Bless America.
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