Morgan Stanley Sells Entire New York Times Stake (Update1)
By Leon Lazaroff
Oct. 17 (Bloomberg) -- Morgan Stanley, the second-biggest shareholder in New York Times Co., sold its entire stake today, according to a person briefed on the transaction, sending the stock to its lowest in more than 10 years.
The person declined to be identified because Morgan Stanley hasn't made the sale public yet. Traders with knowledge of the transaction said Merrill Lynch & Co. sold New York Times stock worth $183 million in a block trade.
Hassan Elmasry, managing director of Morgan Stanley Investment Management, has unsuccessfully challenged the Sulzberger family's control of New York Times Co. through super- voting shares that give them control over the board. Shareholders owning 42 percent of the company, parent of the namesake newspaper and Boston Globe, withheld support from directors at the publisher's April annual meeting.
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