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  • SisyphusInHell SisyphusInHell May 13, 1998 3:12 PM Flag

    Sulzbergers dumped 1 million shares

    today, according the the news wire. Does anyone
    know why? All I could get was the
    headline.

    According to the information I have (S&P Stock Reports),
    there are about 96 million shares of Class A stock, of
    which 28% are closely held. Does anyone know how much
    of that 28% is in the Sulzberger family so that I
    can have an idea of what proportion the shares sold
    today represent?

    A more general observation:
    This company has a float of about $5.5 billion. But
    boy, does it act like a thinly traded stock! Price
    swings of $1 or more are caused by single trades. Can
    anyone explain why this is so? I like the company and
    want to hold onto my shares. But the stock behaves so
    weirdly that I sometimes wonder if it's worth it.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Here is the full article. I own shares and am not
      worried. I think they are just selling since the price is
      near it's all time high and are taking
      profits.

      NEW YORK, May 13 (Reuters) - The four senior members
      of the Sulzberger family sold about 1
      million New
      York Times Co. (NYT - news) Class A shares for general
      financial and estate planning
      purposes, the media
      conglomerate said on Wednesday.

      This represents less
      than 7 percent of the Sulzberger family's holdings and
      roughly 1 percent of the
      company's outstanding shares,
      it added.

      The company -- which publishes The
      New York Times and owns The Boston Globe,
      smaller
      newspapers, television and radio stations and magazines --
      said the shares were sold by Marian
      Heiskell, 79;
      Ruth Holmberg, 77; Judith Sulzberger, 74, who is a
      director of the company; and Arthur
      Ochs Sulzberger,
      72, also a director, all of whom are
      siblings.

      Arthur Ochs Sulzberger, chairman emeritus of the New
      York Times Co., said: ``Today's action is part
      of
      the family's overall financial planning, which
      continues in an orderly manner.

      ``This sale will not
      affect the management or business operations of the
      Times Co. or the family's
      continuing commitment to
      the company.''

      There are about 95.4 million
      Class A shares outstanding.

 
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