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New York Times taps Bank of America amid ValueAct challenge - sources

By Svea Herbst-Bayliss (Reuters) - The New York Times Co has turned to Bank of America Corp (NYSE:BAC) and law firm Sidley Austin LLP for advice on how to handle a potential board...
New York Times taps Bank of America amid ValueAct challenge - sources © Reuters. FILE PHOTO: The New York Times building is seen in Manhattan, New York, U.S., August 3, 2020. REUTERS/Shannon Stapleton

By Svea Herbst-Bayliss

(Reuters) - The New York Times Co has turned to Bank of America Corp (NYSE:BAC) and law firm Sidley Austin LLP for advice on how to handle a potential board challenge from ValueAct Capital Management LP, according to people familiar with the matter.

ValueAct, a San Francisco-based hedge fund, disclosed on Thursday that it owns a nearly 7% stake in the New York Times and argued the newspaper company could grow more quickly by aggressively marketing its all-access digital bundle that gives subscribers more than basic news.

The Ochs-Sulzberger family controls the New York Times through dual-class shares that allow it to install nine directors on the company's 13-member board.

The structure of the board would give ValueAct scope to challenge the company for one of the other four board seats in a shareholder vote. The New York Times is working with the bankers and lawyers to prepare for this possibility, the sources said.

Proxy solicitor Okapi Partners LLC, which works with companies as they count votes in shareholder meetings, is also advising the New York Times, the sources added, requesting anonymity because the matter is confidential.

Representatives for the New York Times, ValueAct, Sidley, Okapi and Bank of America either declined to comment or could not be reached for comment. The New York Times said in a statement on Thursday that its management had met with ValueAct to exchange views.

In a regulatory filing on Thursday that disclosed its stake, the hedge fund said it would have discussions with the New York Times to see "whether it makes sense for a ValueAct Capital employee to be on the issuer's board of directors."

The New York Times has expanded beyond its core newspaper offering in recent years to include the sports website The Athletic, product review website Wirecutter, a cooking app and games. While its digital subscriptions have grown, its shares are worth about 30% less than what they were valued at about a year ago because advertisers have cut back on spending amid fears of an economic downturn.

ValueAct, founded by Jeffrey Ubben two decades ago and now run by Mason Morfit, typically avoids challenging companies for board seats through proxy contests and often secures board representation with the agreement of companies they invest in.

ValueAct investments have included Microsoft Corp (NASDAQ:MSFT), where Morfit had a board seat, Adobe (NASDAQ:ADBE) where former ValueAct partner Kelly Barlow had a seat and Citigroup Inc (NYSE:C).

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

1.2475

-0.0015 (-0.12%)

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

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Buy (9)

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

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USD/CAD

1.3780

+0.0003 (+0.03%)

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↑ Buy

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EUR/JPY

168.32

+0.10 (+0.06%)

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↑ Buy

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Gold Futures

2,295.80

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Silver Futures

26.677

+0.023 (+0.09%)

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

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Brent Oil Futures

85.62

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Natural Gas Futures

1.946

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US Coffee C Futures

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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DAX

17,921.95

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FTSE 100

8,144.13

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Hang Seng

17,763.03

+16.12 (+0.09%)

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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IBEX 35

10,854.40

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BASF SE NA O.N.

49.155

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Bayer AG NA

27.35

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Allianz SE VNA O.N.

266.60

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Adidas AG

226.40

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Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

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Neutral

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Siemens AG Class N

175.90

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Deutsche Bank AG

15.010

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
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SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
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SJC 99%7,196/ 7,396
(0/ 0) # 386
Cập nhật 01-05-2024 10:45:19
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Cập nhật lúc 10:45:15 01/05/2024
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