As expected (and noted here on Saturday), another proxy fight has been launched against the management of the New York Times Company. A letter to Times Chairman Pinch Sulzberger from Firebrand Partners and Harbinger Capital Partners was made public in a regulatory filing Monday, according to Seth Sutel of the Associated Press. He writes:
Firebrand indicated that it was working together with Harbinger and that together the two companies owned 4.9 percent of Times stock.
Hopes that management might be replaced, or that a takeover bid might be in the offing pushed NYTCo stock up $1.41, or 9.6 percent on Monday. Hassan Elmasry of Morgan Stanley earlier tried to shake up the Times management , but ultimately failed, due to the Suylzberger family's ability to elect a majority of the board with a tiny percentage of the stock, thanks to a two tier voting arrangement.
Hat tip: Clarice Feldman