Mayor Mike to Buy NY Times
|April 23rd, 2008||
|Rumors have surfaced claiming that New York mayor Michael R. Bloomberg is considering buying the New York Times Company. However all involved say the claim is unsubstantiated. Mr. Sulzberger, whose family owns almost 90% of the company's Class B and controls most of the board, said that the company is not for sale.|
Recently, the company did however elect two new members, Scott Galloway and James A. Kohlberg, who are affiliated with the investment funds Firebrand Partners and Kohlberg & Company, respectively after the funds bought up a large percentage of the company's stock and threatened a proxy if their nominations were not added to the board. The new board members increased the company’s board from 13 to 15 members.
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