NEW YORK TIMES
I Fought the Times and the Times Won [Greg Pollowitz]
An activist shareholder with Morgan Stanley has dumped his entire NY Times position:
Hassan Elmasry, the portfolio manager with Morgan Stanley Investments who led a campaign to wrest control of New York Times (NYT - Cramer's Take - Stockpickr) away from chairman Arthur Sulzberger and his family, has sold his fund's stake in the newspaper publisher, according to a source close to the firm.
The source says the investment arm of Morgan Stanley (MS - Cramer's Take - Stockpickr) sold its 7.2% stake in New York Times, equal to more than 10 million shares, on Wednesday morning. Regulatory filings confirming the sale will be made public in the next few days.
A spokesman for Elmasry declined to comment.
Shares of New York Times recently were down 62 cents, or 3.3%, to $18.29, hitting a 52-week low.
The sale marks the end of the most aggressive attempt by investors to loosen the Sulzbergers' grip on the publishing company, which would clear the way for a sale of the company or some of its assets in order to generate returns for discouraged shareholders.
10/17 04:34 PM
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