the very name implies that Custer must have had previous stands as well
But the chip on their collective shoulder is still there. “We have never won a Pulitzer Prize, which really doesn’t matter,” [USA Today editor Ken Paulson] said. “But it would be nice to get rid of that asterisk.”
[Donald Graham's] statement was provoked by a Morgan Stanley money manager's efforts to break the two-tier stock structure that preserves the Sulzberger family's control of The New York Times. This arrangement was built into the Times corporate structure when the company entered the stock market in 1967. It limits control of the company to people holding a preferred class of stock, most of whom descend from Adolph S. Ochs, who founded the modern Times in 1896. Its present publisher, Arthur O. Sulzberger Jr., is Ochs's great-grandson.John Carroll (formerly of the LA Times): What Will Become of Newspapers?
Morgan Stanley tried to start a revolt of unprivileged stockholders last spring, urging them to withhold their votes from the candidates the Times Company had nominated to sit on its board. Graham acknowledged that he was not a disinterested party, since The Washington Post also operates under a two-tier structure designed to preserve family control of the business. The Post took its modern form in 1933 when Eugene Meyer (himself an extremely important figure in Wall Street) bought it at a bankruptcy sale. Graham is Meyer's grandson, but while his family fortune may have been rooted in Wall Street, he is clearly disturbed about the modern money world's rough hand on journalism. To support Morgan Stanley's attack on the two-tier stock structure, he wrote, "is to run crazy risks" with the future of The New York Times. Eliminate the two-tier structure, and "a line of buyers eager to purchase the company would form within minutes," Graham wrote. "No one could say no. The line would include private equity firms, high-ego billionaires, international media companies lacking a famous property and lots more." The New York Times, he predicted, would be "auctioned off like a side of beef."
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posted by Poolio at 5:04 PM on September 17, 2007 [1 favorite has favorites]