New York Times- The coalition of hedge funds that wants to place directors on the board of The New York Times Company has more than doubled its stake in the company, to nearly 10 percent of the regular shares, according to federal records filed Monday.
One of the hedge funds, Firebrand Partners, has said that it wants the company to sell some assets, but that it is not seeking to change the Sulzberger family’s control of the company. In addition to The New York Times, the company owns The Boston Globe, a number of smaller newspapers and About.com; it sold its string of television stations last year.
The family trust owns most of the Class B shares in the Times Company; the voting for 9 of the 13 board members is restricted to holders of Class B shares. Firebrand is seeking to install a slate of candidates in the remaining four seats, which are chosen by Class A shareholders.
