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.
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.