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NEW YORK (AFX) - Janet Robinson, CEO of The New York Times Co., told an investor group Wednesday that the Ochs-Sulzberger family won't change the long-standing dual-class share structure that has given it control of the company.
The Ochs-Sulzberger family "has no intention of opening our doors to the kind of action that is tearing at the heart of some of the other great journalistic institutions in our country," Robinson told a conference in New York sponsored by Credit Suisse.
The family owns about 20 percent of the company but maintains effective control through a separate class of shares that has special voting rights.
Other publicly traded newspaper publishers, including The Washington Post Co. and Dow Jones & Co., publisher of The Wall Street Journal, also have two-class share structures that allow for family control.
The Times has been coming under pressure from a shareholder, a Morgan Stanley investment fund, to put its dual-class share structure to a shareholder vote.
This year Knight Ridder Inc., which had a single class of shares, was forced to put itself up for sale under pressure from several large shareholders. Tribune Co., another newspaper publisher, is also exploring a possible sale of some or all of the company. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
