|
Sulzberger's Trying To Take The NYT Private
The famous Sulzberger dynasty is quietly tightening its financial grip on the New York Times and the Boston Globe, a new analysis shows. And its using shareholders cash, instead of its own, to do it.A Herald examination of Times financial filings shows that since Arthur Pinch Sulzberger Jr. took over as chairman in 1997, The New York Times Co. has bought up almost one-third of the stock held by outsiders. Meanwhile the Sulzbergers themselves have basically held their shares, says company spokeswoman Catherine Mathis. And so, without spending a dime, the storied newspaper dynasty has raised its stake to about 20 percent. If you keep doing that over a period of years, at some point theres only one shareholder left standing, says Putnam fund manager Rich Cervone. Its a slow process of going private, adds Lee Forker, president of New England Research & Management in Boston. The Times has spent $3 billion so far buying out shareholders. Total net income from 1997 through 2005: $2.85 billion... Posted by: Anonymoose 2006-07-31 |
| http://www.rantburg.com/poparticle.php?ID=161449 |