Morgan Stanley Sells Off Entire New York Times Stake
Oct. 17 — Morgan Stanley, the second-biggest shareholder in New York Times Co., sold its entire 7.3 percent stake today, according to a person briefed on the transaction, sending the stock to its lowest in more than 10 years.
The person declined to be identified because Morgan Stanley hasn’t made the sale public yet. Traders with knowledge of the transaction said Merrill Lynch & Co. brokered a $183 million block trade of 10 million New York Times shares this morning.
Hassan Elmasry, managing director of Morgan Stanley Investment Management, unsuccessfully challenged the Sulzberger family’s control of New York Times Co. through super-voting stock that gives them a board majority. Shareholders owning 42 percent of the company, parent of the namesake newspaper and Boston Globe, withheld support for directors at the publisher’s April annual meeting.
New York Times shares slid 54 cents, or 2.9 percent, to $18.37 at 2:51 p.m. in New York Stock Exchange composite trading and fell as low as $18.24, a level not seen since January 1997.
Bloomberg
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“The person declined to be identified …”
Probably Al-Jezeera or some other like minded ‘enterprise’.
October 17th, 2007 at 12:23 pmThat rag isn’t worth a nickel anyway.
October 17th, 2007 at 12:28 pmAbandon ship, abandon ship!!!
October 17th, 2007 at 12:44 pmAh! The free market at work. Put out trash and soon or later you get taken out with it.
October 17th, 2007 at 1:05 pmPower to the people! thats what makes our market and this whole country so great. screw the New York Slimes
October 17th, 2007 at 1:22 pmNo surprise here. They have been anything but a legitimate news outlet for some time. Anyone catch O’reilly last night? The NY Times had no problem reporting BS charges of violating ROE in Afghanistan brought up against two Green Berets but never published a follow up once they were acquitted of any wrongdoing (for the second time, i may add). Likewise, their oh so surgical omission of much of what Gen. Sanchez had to say about them and their friends. What a waste of perfectly good trees.
October 17th, 2007 at 2:04 pmYou have to understand that Morgan Stanley had huge offices in the Twin Towers and that the TREASONUS screed emitting from the New York Times was just too much for them to suffer any longer so they must have had a vote to approve the sell off. Morgan Stanley actually lost employees on 9/11 so one can see there is a moral and patriotic component here as well. Folks like Krugman and Rich wont ever have to worry about a terrorist attack because they are directly helping their cause. The NYT is not even fit to be called trash. Its ready made garbage pre packaged to be consumed by a nation of Ward Churchillian robots forever convinced that America is evil and that Marx had it right!!!!
October 17th, 2007 at 3:51 pmMy dogs has good taste, they prefer urinating on the NYTs, to the Albuquerque Journal.
October 17th, 2007 at 4:30 pmoops, should have said have good taste.
October 17th, 2007 at 4:31 pmThe only thing that’s a shame is that MS didn’t successfully take it over from the Sulzbergers.
October 18th, 2007 at 12:40 pm