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Morgan Stanley Calls Time On The 'Times' Dumping Its 7.3% Holding In The New York Times Company As Elsewhere Newspaper Boardrooms Paint Doom And Gloom Scenarios In Untangling Less Profitable Newspapers From Their Better Earning Businesses
Philip Stone October 18, 2007
Morgan Stanley finally gave up its New York Times ghost. It could not budge the Ochs-Sulzberger families to give up their controlling dual class share ownership and meanwhile the company’s shares kept sinking and sinking and sinking. The Wall Street adage is that if the boat has that many holes then it’s time to get off and that’s what Morgan Stanley did Wednesday, selling its 10-year holding, some 7.3% of the company, with around 10 million shares going at about $18.30 a share – it has been a good 10 years since they were that low.
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