Media Columnist: NY Times Long Shot To Go Private
Turning a new page on a story buzzing around Wall Street this week--could the New YorkTimes company go private? A BusinessWeek article says former AIG chief Hank Greenberg--who is linked to the rumors--is just looking for some attention. On this morning’s "Squawk Box," Carl Quintanilla spoke with Jon Fine--Media Columnist for BusinessWeek.
Fine says going private is a long-shot.
When The New York Times went public in the 1960’s… they did so, with a dual stock structure so the Salzberger family, who owned the paper, would control voting shares. According to Jon Fine, the family grew up with the idea that they’re stewards of something important. You’d have to convince them that its worth their while to sell.
He thinks the take over rumors are nothing more than Hank Greenberg looking for attention. Investors know what the stock’s about when they buy it.