Is the NY Times About to Divest Boston?
There’s a shakeup underway at the New York Times Company. After months of public haggling, Times chairman Arthur Sulzberger, Jr. has reached an agreement that will give seats on its board of directors to two hedge fund managers.
The Times has been a public company since 1967, and it has never allowed outside investors on its board. Until now. The two funds, Harbinger Capital Partners and Firebrand Partners, have been public in calling for changes. Firebrand is directed by this charming fellow, Scott Galloway.
The first order of business? Trimming the fat, including the Globe and the Red Sox.
This is a period of great upheaval for the Globe, with layoffs looming and a talent drain beginning with ace columnist Steve Bailey and continuing through the ranks of some of its best editors. Of perhaps greater concern for the Globe, what to do with all that advertorial content from the Fenway Sports Group?