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If Hank Greenberg gets some money together, will he be able to pry the New York Times from the Sulzberger Family's Kung fu grip?

Published: Friday, November 30, 2007

-MARTY

It's bad enough that the Sulzberger family, rulers of the New York Times Company, won't bend over for their shareholders and change the dual-class structure, which they claim is to protect the editorial independence and integrity of The New York Times newspaper. So does former AIG chief Hank Greenberg think he has a shot at buying the company from under them? News broke that Greenberg was planning to buy up shares of the company in what many thought was an effort to become some kind of shareholder activist to pressure the Sulzberger’s into busting the company open and get the stock flowing. But it looks like the old man has balls as big as grapefruits. Hank Greenberg wants the whole cake and is said to have approached some investment bankers about loaning him the money, but those bankers know better because they aren't biting at all, at least not right now. We can't even come up with scenarios under which the Sulzberger family would even think about selling the company.

Hank would have to come more correct than Rupert Murdoch did with the Bancroft family when he bought the Wall Street Journal. Maybe Hank still has some juice at AIG where he can work in lifetime insurance for the Sulzberger's and their shareholders. Hank may have some competition in his rumored efforts. As it turns out he isn’t the only one hoping to kick the tires on the gray lady. There is said to be a billionaire or someone close to being a billionaire interested as well. We don't see the New York Times changing hands anytime soon, but ya never know.

CNBC Report: Greenberg Intent on Buying 'NY Times' [E&P]

Labels: HankGreenberg, NEWSPAPERS, NYTimes

Comments on "If Hank Greenberg gets some money together, will he be able to pry the New York Times from the Sulzberger Family's Kung fu grip?"

 

Anonymous Anonymous said ... (10:13 AM) : 

this bastard is in over his head to be honest.

 

Anonymous Anonymous said ... (10:56 AM) : 

I dunno hanky could be on to something here. Or on something.

 

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