Wednesday, November 29, 2006

New York Times (NYT) Higher On Reports Hank Greenberg Is Buying Up Stock

New York Times Co. (NYSE: NYT) is higher today following reports from the New York Post, Maurice "Hank" Greenberg, the former Chairman of AIG, has begun buying significant blocks of the stock in an effort to break the Sulzberger family's control of the company.

The Post said Greenberg has been buying hundreds of thousands of New York Times shares, but an exact amount was not known.

Morgan Stanley, another large New York Times shareholder, has been pressing the company to drop the dual-class share structure that gives the Sulzberger-Ochs family voting control.

Shares of New York Times are 6% to $24.42 in mid-day action Wednesday.

NOTE: No filing has been noted yet disclosing the purchases. If Greenberg accumlates a 5% or more stake and intends to influence the company he will be recquired to file a 13D.

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