New York Times Co. Gets A Vote Of No-Confidence
doree · 04/05/07 12:27PM
The Wall Street hostilities directed at West 43rd Street are heating up! Influential investment advisor firm Institutional Shareholder Services (better known by the slithery acronym ISS) issued a report yesterday advising that NYT Co. Class A shareholders withhold votes for the four directors that are up for election later this month. The Class B shareholders—those are largely Sulzberger family members—control the votes for the remaining nine directors on the board. So by telling Class A shareholders to withhold their votes, ISS is, obviously, telling the non-family shareholders to tell the Times that they don't like the way the company is being run. Meouch! What else does ISS have to say? And why is this a big deal, anyway?