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Hanky panky in sale of Boston Globe? (Took price cut to deny sale to conservatives, perhaps)
American Thinker ^ | August 5, 2013 | Thomas Lifson

Posted on 08/05/2013 5:36:19 AM PDT by Zakeet

The New York Times Company may be facing some serious scrutiny over its planned sale of the Boston Globe to Boston Red Sox owner John Henry for a mere $70 million, after having paid $1.1 billion in 1993. The owner of the San Diego Union-Tribune, Douglas Manchester, is alleging that his higher bid was rejected by the company. John Lynch of the Boston Herald writes:

A losing Boston Globe contender is claiming his San Diego media company outbid Red Sox owner John Henry - and would have gone even higher - a bombshell allegation that he says could delay the deal and leave the New York Times Co. open to shareholder backlash.

"We bid significantly more than Henry," said John Lynch, the CEO of U-T San Diego, one of the Globe finalists. ... I'm just stunned. I thought this was a public company that had a fiduciary duty to get the most by its stockholders. ... From the beginning, I don't think they wanted to sell to us."

The potential trouble here for the New York Times Company would be its fiduciary responsibility to shareholders. Even though the company has two classes of shareholders, with the shares owned by Sulzberger family members controlling the board of directors, the other shareholders are entitled to realize the highest price available for the assets the company is selling.

Doug Manchester is reviled in the journalism world for having bought the U-T and turned it in a conservative direction. If it could be shown that the NYTCO turned down a higher bid in order to prevent the Globe for falling into the hands of a conservative bidder, that could open the door to a shareholder lawsuit.

(Excerpt) Read more at americanthinker.com ...


TOPICS: Business/Economy; News/Current Events; US: Massachusetts
KEYWORDS: bostonglobe; dncrico; economy; electionfraudrico; liberalmedia; mediabias; msm; nytimesrico; obamarico

We have never been in this business to maximize shareholder value ... as you can tell by our radical leftist editorial slant and out uncanny ability to lose vast sums of money!

1 posted on 08/05/2013 5:36:19 AM PDT by Zakeet
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To: Zakeet

Hang around a year or two....if it stays liberal you can get it even cheaper!!!!


2 posted on 08/05/2013 5:37:58 AM PDT by ontap (***)
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To: Zakeet

I thought this was a public company that had a fiduciary duty to get the most by its stockholders.


Uh, they sure did. But political ideology trumps such petty notions as duty and responsibility.


3 posted on 08/05/2013 5:38:28 AM PDT by rbg81
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To: rbg81

Any unhappy shareholder would be quickly bought out by the ruling NYT family...


4 posted on 08/05/2013 5:42:12 AM PDT by Eric in the Ozarks ("Say Not the Struggle Naught Availeth.")
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To: Zakeet

Who are the NYT’s biggest advertisers? They need to be boycotted.


5 posted on 08/05/2013 5:47:31 AM PDT by wrencher
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To: Zakeet

NYT - Spreading the misery amongst its shareholders!


6 posted on 08/05/2013 5:57:57 AM PDT by Bushbacker1 (Molon Labe! (Oathkeeper))
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To: Zakeet

Not surprising. NYT 1.1 billion dollars was ill gotten gains it got from lying to the American public. It’s not like they earnestly worked hard for that money. This is why Leftists have no respect for anything including themselves.


7 posted on 08/05/2013 6:11:58 AM PDT by Berlin_Freeper
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To: Zakeet

How is the San Diego paper doing profit-wise? Is it really conservative?


8 posted on 08/05/2013 6:19:39 AM PDT by N. Theknow (Kennedys=Can't drive, can't ski, can't fly, can't skipper a boat, but they know what's best for you.)
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To: Zakeet

Well, here in Pittsburgh we had a newspaper owner run the baseball team into the ground. So perhaps that works in the opposite direction as well.


9 posted on 08/05/2013 6:26:05 AM PDT by Buckeye McFrog
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To: Zakeet

Boston already has a conservative paper, the Boston Herald, and doing much better than the Globe.

I can’t see any transformation of the Globe becoming more “balanced” that would bring back the readership they squandered.

One thing I haven’t seen in the reporting — a side-by-side of the Herald’s business profile over the last 20 years, compared to the Globe’s. It would be instructive.


10 posted on 08/05/2013 6:28:41 AM PDT by WL-law
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To: Zakeet
I'm just stunned. I thought this was a public company that had a fiduciary duty to get the most by its stockholders.

One reason to never buy stock in a company that has a multi-class ownership structure where the corporate control is retained by the minority shareholders because they own a different class of stock with more voting power. If the owners don't control the company then the owners are being scammed by those who control the company.

11 posted on 08/05/2013 6:57:48 AM PDT by KarlInOhio (This message has been recorded but not approved by Obama's StasiNet. Read it at your peril.)
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To: KarlInOhio

Interesting.

So no class action by the shareholders for this? There are class actions for EVERYTHING else re company mistakes.


12 posted on 08/05/2013 7:01:12 AM PDT by TigerClaws
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To: Zakeet

This is more proof of how much the New York Times hates conservatives... They’re rather lose money and screw their shareholders than let a conservative newspaper exist...

I pray John Lynch will sue these people if he feels that’s the right path... and if not that he buys the paper in a few years for 90% less than he’s offering now.


13 posted on 08/05/2013 7:05:01 AM PDT by GOPJ (Sob stories make bad law...)
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