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October 17, 2007

Major Shareholder Abandons New York Times

As Ed Lasky reports:

The decline of the New York Times as a reputable newspaper has been matched by the decline of its business management.

The main problem is that juvenile hard-left publisher Pinch Sulzberger cannot be forced out of his job despite his pronounced incompetence because of the company's dual-class stock structure, which allows the Sulzbergers to call the shots.

With no way to get the paper back on course, shareholders are bailing out. Early this morning, a massive block of shares was sold, probably by Morgan Stanley. The Gray Lady's stock opened today at a 52-week low.

Soon there will be only two options left for the Times: bankruptcy, and selling out to a "White Knight." If it's the latter, there may be a name change to the George Soros Times or the Dubai Times — not that either would signify any difference in editorial slant.

On a tip from Byron.

Posted by Van Helsing at October 17, 2007 10:10 AM