Tuesday, 31 May 2016
Last updated 1 hour ago
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.
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