Gray Lady Turning White? Fear of Hank Greenberg Running Rampant at New York Times

 

NytdayInsurance billionaire Hank Greenberg is in the midst of a power play aimed at taking over the New York Times, or at least forcing Pinch Sulzberger to give up some of the control he and his family have over the paper.

The New York Times has fallen from the paper of record into a liberal mess, losing circulation and profitability while getting ensconsed in scandals such as the Jason Blair affair. Greenberg is looking to turn around the fortunes of the paper if he succeeds in the take over.

Sources confirmed that the famously combative Greenberg has been buying hundreds of thousands of Times shares, but did not disclose the exact number or the size of the stake he wants to own.
Greenberg has both the assets – Forbes estimated his net worth at $3.2 billion – and the temperament to jump into a fight over the future of the stumbling newspaper giant.
A major stock position would put Greenberg in league with already angry Times’ shareholders, such as Morgan Stanley Investment Management, to battle the board over whether the founding Ochs-Sulzberger family should hold a powerful class of stock that accounts for a majority of the voting power at the company.   via the New York Post Online Edition:

Here is my question for the media? If Greenberg takes over the paper and turns it into a conservative newspaper, or even a moderate one, will the rest of the media still consider it the paper of record? Or will they quickly move on to another target that echos their world view?

Update: It looks like the folks over at Editors and Publishers are already worrying about Maurice Greenberg.

Posted November 29, 2006 by
Business, Media, Politics | 4 comments


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  • Comments

    4 Responses to “Gray Lady Turning White? Fear of Hank Greenberg Running Rampant at New York Times”

    1. dennisintn on November 29th, 2006 7:34 pm

      here’s a unique concept for them to try. honest facts without a spin of any kind. label editorials as editorials, and opinions as opinions.
      dennisintn

    2. Richard on November 29th, 2006 8:56 pm

      The Kennedy clan probably has enough money to buy up its own shares of the NYT.

    3. just moma on November 30th, 2006 5:18 am

      Gee… if it became a counservative paper who would Bill OReilly have to bash… don’t get me wrong, I watch his show.

      I’d be happy just to have honest reporting without such a liberal slant that many take as being truisms for it comes from the giant NYT

    4. just moma on November 30th, 2006 5:19 am

      Opps.. meant “conservative”.. it’s very late at night here.

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