And this time, it's personal

Author:
Publish date:

Arther Sulzberger Jr. (“The Sulz”) is putting his silver spoon in another drawer. The Ochs-Sulzberger family is pulling its assets from the custodial care of Morgan Stanley, according to a NYTimes source. The asset relocation is a direct result of an attempted shareholder revolt conducted last fall by Hassan Elmsary that would have significantly reduced the Sulzberger control of the company. Elmsary is head of MS’s American and Global Franchise Strategies Portfolio, which owns almost 8% of NYTimes Class A (non-voting) shares. Elmsary tried to lead a shareholder campaign to specifically remove the dual class share structure of the NYTimes. Currently, only Class B shares have voting power, while people with Class A shares can suck it. The Sulzbergers own a majority of Class B shares, translating into 9 of 13 company board seats. The SEC intervened last fall and deemed that the NYTimes did not have to vote on the Morgan Stanley proposal.
Fortunately, DealBreaker has obtained a clip of Sulzberger fighting off Elmasry’s attempted shareholder revolt.
Sulzberger's revenge – [Fortune via CNNMoney]

Related