NY Times Bail Out, Morgan Stanley sells Entire Stake, More to Follow
Bloomberg is reporting that Morgan Stanley has sold its entire 7.5% stake in the New York Times Company. The stock sold is valued at $183 million. Hassan Elmasry, managind director of Morgan Stanley Investment Management, is seen as the leader of the sale, after he was unable to reach agreement with teh Sulzberger family over control and strategic direction of NY Times.
The news that NY Times is being dumped on the market has started a stock slide. The stock is currently trading at $18.28 per share, a level not seen since 1997.
Update: The sale has been confirmed by Morgan Stanley. http://www.marketwatch.com/news/story/morgan-stanley-sells-stake-new/story.aspx?guid=%7BCBA8E5DD-6F10-4262-BA4D-7A2EA5AED5A6%7D