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U.S. markets recover from steep losses
NEW YORK, Nov. 9 (UPI) -- The New York Times Co. says it is evaluating an effort by Morgan Stanley Investment Management to loosen the Sulzberger family's grip on the daily.
The fund manager Monday asked the board of the newspaper's parent board to add a resolution to its proxy in favor of ending its dual-class share structure, which has allowed the Sulzbergers to preserve their control of the Times company since they took it public in 1969, the Financial Times said Thursday.
Morgan Stanley asked that Arthur Sulzberger Jr.'s two jobs -- as chairman of the Times company and as publisher of the New York Times -- be held by separate executives.
"We continue to believe that a declassification of the share structure of the New York Times Co. will foster a culture of accountability that will ultimately benefit the New York Times newspaper and all shareholders," wrote Hassan Elmasry, managing director of Morgan Stanley Investment Management.
The New York Times Co. said it would evaluate the idea.
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