Guardian- Two hedge funds have secured seats on the board of the New York Times Company after a lengthy battle with the paper’s controlling Sulzberger family.
Harbinger Capital Partners and Firebrand Partners originally demanded four seats, but their win is the first time since the NYT’s parent company went public in 1967 that it has accepted directors nominated by outsiders.
However, the Sulzberger family will still have undisputed control of the majority of the board of the NYT, which is suffering declining advertising revenues.
The two funds, which control 19% of common shares in the company, have agreed with the Times to nominate to the board leading rebel shareholder Scott Galloway, a founder of Firebrand, and James Kohlberg, the chairman of Kohlberg & Company.
