The old grey lady got slightly more grey today, giving up 2 seats on its board to outsiders who have been agitating against certain practices and policies by the paper.The family Sulzberger continues to retain voting control but the 2 hedge funds, which have accumulated 19 % of the company stock, have wedged their way in. The outsiders, now insiders, want The Times to sell off certain of its holdings including The Boston Globe, some smaller newspapers, the Times building, and even a minority position in the (gasp) Boston Red Sox.
Sulzberger put on a happy face about the defeat: “Both the board and management welcome the perspectives and insights of our proposed new directors.” Uh huh.
And the victorious insurgents: “Our nominees look forward to working with the other directors and management to build and deliver value for all shareholders.” Meaning, look out, the battle has just begun. And it's going to get ferocious.
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