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"Vulture" Fund Wants Directors On NY Times Board

An Alabama-based hedge fund hopes to elect directors to The New York Times Company board. The fund, Harbinger Capital Partners, gave similar notice to another newspaper company, Media General.

The hedge fund, Harbinger Capital Partners, a part of the Harbert Management Corporation, controls less than 5 percent of Times Company stock; it has more than 18 percent of Media General stock. Even if it did elect directors, Harbinger could not control the board without an about-face by the controlling family at each company.

At the Times Company, the Sulzberger family owns the great majority of the Class B stock, which elects 9 of the 13 directors.

Read the whole story at The New York Times »

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