Saturday, December 23, 2006

Changes afoot at the NY Times?

A series of recent articles suggest that some major investors at the NY Times are extremely unhappy about both the loss of revenue (declining circulation and ad revenues) and the unresponsiveness of the current Board and that one major investor, Morgan Stanley, has sought to run a new slate for the board of directors this January, in an attempt to oust Arthur Salzberger the family scion.In fact, at least one Morgan Stanley analyst has downgraded NY Times stock from a "hold" to an "underweight" - a sell.

This, along with a highly negative report, came a day after Morgan Stanley pushed to have Arthur Salzberger removed from either his publisher or chairmanship posts. "The downgrade hit the company hard. The Times stock ended regular trading on the NYSE down 60 cents, or 2.5% per share at $23.93/share."

And that seems just the beginning of this internal investors revolt at the NY Times.Could be good news ahead for NY Times critics.Check the articles out yourself;

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