Morgan Stanley finally ditches NYT stock

Morgan Stanley, which tried very hard over the past year to change the family-controlled structure of the New York Times Company (see PRWeek analysis

Morgan Stanley, which tried very hard over the past year to change the family-controlled structure of the New York Times Company (see PRWeek analysis here), has finally given up and sold its 7.2% stake in the company.

The NYT Co. was never very receptive to MS' argument that taking the company out of the hands of the Sulzberger family and running it like a normal corporation would help its awful stock price. In fact, the company was downright hostile to that position. Which, from a "quality of journalism" perspective, is probably a good thing. But from an investor's perspective, it's not hard to understand why MS finally decided to cash out.

As of 2:00, NYT Co. stock was down by 3.4%.

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