Harbinger Files Times Proxy

Feb 29 2008 | 11:18am ET

Harbinger Capital Partners has filed its proxy statement seeking to elect four directors to The New York Times Co.’s board.

In its statement, filed with the Securities and Exchange Commission, Harbinger said it “believes that the future of The New York Times depends on the willingness of its management and board to take bold action to adapt to the changing media landscape.” Harbinger and fellow hedge fund Firebrand Partners are pushing the Times to sell its non-core assets, including its stable of regional newspapers and its stake in the Boston Red Sox baseball team, and focus on its digital media business.

Harbinger called its nominees—Scott Galloway, James Kohlberg, Allen Morgan and Gregory Shove—“highly motivated and talented individuals.”

The Times Co. said this week that it would meet with Harbinger’s nominees. But it also filed its own proxy statement, urging investors to reject any proxy they receive from Harbinger.

The Gray Lady has so far nominated only one candidate for the Class A board seats sought by Harbinger, leaving open the possibility that it could nominate some of the hedge fund’s choices.

RELATES ARTICLES

NYT-Targeting Hedge Funds Boost Stake To 19%
Harbinger Battle Over Times Heats Up 
Times Preps For Proxy Fight Over Board Seats 
Hedge Funds Double New York Times Stake 
Harbinger Denies Hostile Intentions Towards Media General
Stop The Presses: Hedge Fund Seeks Times Board Seats

 


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of