The Discerning Texan
-- Edmund Burke
Wednesday, October 17, 2007
The value of New York Times stock took another hit today as its second-largest shareholder, Morgan Stanley, dumped all 10 million of its shares. That’s 7.3% of the shares outsanding. NYT’s stock price has declined 24% so far this year, Bloomberg News reported.
Bloomberg reported that Hassan Elmasry, managing director of Morgan Stanley, “has pressured New York Times Chairman and Publisher Arthur Sulzberger Jr. for more than 1 1/2 years to eliminate the special class of stock that allows the Sulzberger and Ochs families to appoint nine of the company’s 13 directors.”
It’s called a fire sale. It will be interesting to see if NYT is able to cover a fire in its own building.
Oh and Michelle Malkin is happy.
The explanation of my headline is here.