Sulzberger Sold Portion Of New York Times Stake, Down To 13%
The Ochs-Sulzberger family’s total share of the New York Times (NYSE: NYT) stock decreased from 15 percent in 2012 to 13 percent this year, according to a report from the Securities and Exchange Commission on Tuesday.
In response, a spokeswoman for the Times told The Wall Street Journal that this decline in the family’s stake was due to estate planning and long term estate taxes, and that they “remain committed to the New York Times Co.” The statement echoes similar sentiments expressed last week, when the Oschs-Sulzbergers proclaimed that the company's flagship newspaper was "not for sale."
The recent decline in the Ochs-Sulzberger family’s share of Times stock is indicative of a larger downward trend. Just three years ago in 2010, the family owned 19 percent of the company’s stocks. That holding has since fallen 6 percent to the current level.
Despite this, the family still retains control of the company, as its power lies mainly in its ownership of the majority of the Times' class B shares. These shares, which are held through a trust, include voting rights to elect nine out of 14 of the company’s board member seats, and have actually grown slightly in past years.
Tuesday’s report also showed that the overall compensation of Times chairman Arthur Sulzberger Jr. increased from $5.9 million in 2011 to $6.9 million in 2012. The compensation in 2011 included a $1.1 million salary and $3.9 million of a non-equity incentive plan compensation.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.