New York Times Chairman Arthur Sulzberger Jr. sold 50,000 shares in the company, according to an SEC filing, a day after the Ochs-Sulzberger family said the namesake newspaper is “not for sale.”

Updated August 12, 2013, 7:51 p.m. ET

Sulzberger Sells Tiny Slice of Times Stock

Deal Follows Family’s Declaration That Flagship Newspaper Isn’t for Sale


New York Times Co. NYT +0.84% Chairman Arthur Sulzberger Jr. sold 50,000 shares in the company, according to a filing with the Securities and Exchange Commission, in a deal just one day after the Ochs-Sulzberger family declared the company’s namesake newspaper was “not for sale.” Mr. Sulzberger sold the shares Aug. 8 at $12 a share, raising a total of $600,000, the filing said. The stock represented a tiny portion of his overall stake. A spokeswoman for Times Co. said the stock sale was part of Mr. Sulzberger’s “regular estate planning.”Mr. Sulzberger belongs to the Ochs-Sulzberger family that controls Times Co.Last week, Mr. Sulzberger and other members of Ochs-Sulzberger family sought to address speculation that they might sell the Times, following news that the Washington Post would be acquired by Inc. AMZN -0.19% founder and Chief Executive Jeff Bezos.

“Will our family seek to sell the Times? The answer to that is no,” Mr. Sulzberger and Vice Chairman Michael Golden wrote in an email to the newspaper’s staff on behalf of the family’s behalf.

Mr. Sulzberger’s sale of shares won’t affect the family’s control of the company, which is maintained through a block of supervoting shares. The shares he sold were Class A stock, the class held by most public shareholders in the company, that vote for a minority of the board.

The Sulzberger family controls the Times through their ownership of most of the class B shares outstanding, which vote separately for a majority of the board members.

After the sale, Mr. Sulzberger owns 173,675 class A shares directly, Monday’s filing said. A filing with the SEC earlier this year showed that as of March 4, Mr. Sulzberger also owned about 851,000 stock options. Separately, he had an interest in several million class A and B shares held through a family trust, according to SEC filings. The earlier filing showed that the family’s combined shareholding in the company has fallen to around 13%, down from 19% in 2010.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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