NY Times gives 2 board seats to Hedge Funds

"A person close to the funds’ leaders said that the Harbinger-Firebrand team could have won a proxy fight, but that the effort would have been expensive and damaging to relations with management. He was given anonymity because he was not authorized to discuss their strategy....

• The hedge funds have argued that the company should sell many of its assets — including, possibly, the headquarters building in Manhattan, The Boston Globe, some smaller newspapers and a minority

stake in the Boston Red Sox —

• and invest aggressively in Internet companies. But the funds have also been careful not to criticize management directly, and have said that once they are privy to inside information, they may have a different view of the company’s strategy."...

From NY Times article by Richard Perez-Pena, "Times Co. to Give Board Seats to 2 Hedge Funds," 3/17/08. Via Poynter.org/Romenesko

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