“3/17/2008, 2:34pm EST”
Times Co. to Give Seats to Hedge Funds →
“The New York Times Company has struck a deal with a pair of hedge funds that want to shake up the company, giving the funds two seats on the board in order to avoid a proxy fight, the two sides announced Monday.
The agreement with Harbinger Capital Partners and Firebrand Partners marks the first time since the Times Company went public in 1967 that it has accepted directors nominated by outsiders, Times Company executives said.
It also settles, for now, the most serious bid the company has faced to loosen the control of the chairman, Arthur Sulzberger Jr., and his family. The funds have amassed 19 percent of the company’s common stock, which may be the largest stake any non-family shareholder has held in those four decades.”
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