Morgan Stanley Sells Entire New York Times Stake
I wonder why?!!?
Morgan Stanley, the second-biggest shareholder in New York Times Co., sold its entire stake today, according to a person briefed on the transaction, sending the stock to its lowest in more than 10 years.
Keep in mind the New York Times sold off its television holdings to pay off debt some years back. Meanwhile, News Corp bought the Wall Street Journal.
With word of Morgan Stanley selling off its New York Times stock holdings, roughly 7 percent of available stock, I thought it might be fun to look at a five year average of the Times versus the indexes, as well as News Corp – News Corp in red, Times in blue – screen cap below. I think the word the editors might be looking for is underperforming.
This is probably the most significant change in the Times’ financial position to date, but it’s the continuation of a trend that goes back years. Meanwhile, Fox News, the Wall Street Journal and the New York Post continue to thrive.
Hot Air :
The battle between Morgan Stanley’s managing director and the Sulzbergers has been going on for months now, but this move might be the one that causes the most ripple effects. Other institutional stockholders may follow Morgan Stanley’s lead, the Sulzbergers may even have to consider taking the Times private. The Times’ stock has been on a consistent downward slide for months.
I have come back to this and time again as the NY Times sold its soul (and ignored its fiduciary responsibilty to shareholders) by being so biased and so wrong on so many matters of import to this nation. And now the results of their declining journalistic standards are starting to become impossible to ignore.
Sell a bad product and people will take their business elsewhere. The final straw may have been the NY Times apparently deliberate decision to ignore reporting on a local hero who died in Iraq and received one of this nation’s top commendations – posthumously of course.
If you work in investment banking and don’t want to play by those rules, “the system” is happy to hit the hyperspace button, send you back to Butte, Montana, and feed you bananas and milk. However no one is going to boil you in oil.
Wizbang :
Clearly, the Sulzberger and Ochs families ought to have found a different position for the ne’er-do-well scion, Pinch. He’s run the company and the newspaper into the ground. Perhaps a nice, cushy job in the mail room would have been more suited to his “talents.” Ah, well, too late now . . .
That is one rousing vote of no confidence in the Times or its management. The story goes on to describe how badly many of the big newspapers are doing right now. It is very badly, indeed.
It’s called a fire sale. It will be interesting to see if NYT is able to cover a fire in its own building.
H/T to memeorandum
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October 17, 2007 - 07:08 PM on October 17th, 2007
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October 17, 2007 - 11:04 PM on October 17th, 2007
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NYT continues to fall downwards
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NYT continues to fall downwards
Michelle Malkin presents a chart picture of their awesome mega-drop in over 5 years.
October 18, 2007 - 05:13 AM on October 18th, 2007
The Knucklehead of the Day award
Today’s winner is Elana Glatt.
October 18, 2007 - 06:08 AM on October 18th, 2007
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October 18, 2007 - 11:59 AM on October 18th, 2007
This isn’t satire
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Trackback Thursday Linkfest
Trackposted to
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Don’t like the candidates for prez? Listen in at 9pm est
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October 19, 2007 - 07:55 AM on October 19th, 2007
Looks like another big lose for the NEW YORK SLIMES too bad but all these years of lying halftruths fabrications have caught up with them at last
October 19, 2007 - 11:23 PM on October 19th, 2007
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