Wall Street Meltdown: How Key Media Companies Are Holding Up
The Bear Stearns Collapse is affecting is affecting all aspects of the world’s economy. Global financial markets reflected the alarm of top economic forecasters (”the crisis will leave many casualties,” reflects Alan Greenspan in the FT). As Wall Street fought to stem losses, The New York Times Company made a deal to give hedge funds two seats on the board (by expanding the board, we cannot fail to note). From Richard Perez-Pena of The New York Times:
”The agreement with Harbinger Capital Partners and Firebrand Partners marks the first time since the Times Company went public in 1967 that it has accepted directors nominated by outsiders, Times Company executives said.
”It also settles, for now, the most serious bid the company has faced to loosen the control of the chairman, Arthur Sulzberger Jr., and his family. The funds have amassed 19 percent of the company’s common stock, which may be the largest stake any non-family shareholder has held in those four decades.”
The deal essentially negates the drama that was expected to unfold at the NYT Company’s April 22 annual meeting.
On that news, NYT Company shares are up $0.22 or 1.19% at $18.72
TWX
NewsCorp shares are down $0.38 or 2.07% at $18.01, trading near their 52-week low ($17.84).
CBS shares are down $0.24 or 1.11% at $21.33.
(image via clipart)
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