New York Times Has No Plans to Go Private
27 april 2009 | 14:55
New York Times Co. Chairman Arthur Sulzberger Jr. told the newspaper publisher's annual shareholders meeting Thursday that it has no plans to take the company private, as it grapples with the newspaper industry's struggles.
Responding to a shareholder question, Mr. Sulzberger also said that Carlos Slim, the Mexican billionaire who recently became one of the company's largest shareholders, has not sought representation on the board. Mr. Slim "has not made any suggestions to have anybody on the board," he said.
Taking the New York newspaper publisher private is an option the company has looked at in the past, according to people familiar with the situation. Asked at the meeting whether the company had any "ideas of going private so you could get rid of all of us," Mr. Sulzberger said: "Now why would we want to do that? We have no plans to take this company private."
The shareholders meeting, held in the company's midtown Manhattan headquarters, came two days after the publisher reported a first-quarter loss as advertising revenue fell 27%. Mr. Sulzberger said at the meeting Thursday that while there "is no one solution" to the secular problems facing the newspaper industry, the company believes advertising will recover and that "we unequivocally believe in our future."