Morgan Stanley Sells Entire New York Times Stake

Source: Bloomberg

Morgan Stanley Sells Entire New York Times Stake (Update3)

By Leon Lazaroff and Jeff Kearns

Oct. 17 (Bloomberg) -- Morgan Stanley, the second-biggest shareholder in New York Times Co., sold its entire 7.3 percent stake today, according to a person briefed on the transaction, sending the stock to its lowest in more than 10 years.

The person declined to be identified because Morgan Stanley hasn't made the sale public yet. Traders with knowledge of the transaction said Merrill Lynch & Co. brokered a $183 million block trade of 10 million New York Times shares this morning.

Hassan Elmasry, managing director of Morgan Stanley Investment Management, unsuccessfully challenged the Sulzberger family's control of New York Times Co. through super-voting stock that gives them a board majority. Shareholders owning 42 percent of the company, parent of the namesake newspaper and Boston Globe, withheld support for directors at the publisher's April annual meeting.

``This guy has been speaking for a lot of people who are too discreet to speak up and challenge management,'' said Porter Bibb, a managing partner at Mediatech Capital Partners LLC in New York and a former New York Times Co. executive.


Read more: http://quote.bloomberg.com/apps/news?pid=20601087&sid=aY9iww4X.01g

in your opinion ?

Bloomberg: "Goldman, Morgan Stanley 'Almost Junk'"

http://www.nakedcapitalism.com/2007/03/bloomberg-goldman-morgan-almost-junk.html

Morgan Stanley to cut 300 trading, credit jobs
Wed Oct 17, 2007 11:02am

By Joseph A. Giannone

NEW YORK, Oct 17 (Reuters) - Morgan Stanley is cutting about 300 jobs in its institutional securities division, mostly in mortgages, fixed-income trading and other businesses hardest hit by the recent market turmoil, a person familiar with the situation said on Wednesday.

About two-thirds of the cuts will take place in the United States, about a third in Europe and a handful in Asia, the source said. The majority of pain will be felt among the desks that trade credit, mortgages and securitized products, including collateralized debt obligations, the source said.

A small number of the cuts will involve investment banking and equities. Some of the people terminated are more senior employees and managing director-level executives, the person said.

Morgan Stanley declined to comment on the number of cuts, as many people were being notified on Wednesday. Actual departures may stretch out through the end of this year.

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http://today.reuters.com/news/articleinvesting.aspx?type=fundsFundsNews&storyID=2007-10-17T150203Z_01_N17305624_RTRIDST_0_MORGANSTANLEY-LAYOFFS-UPDATE-1.XML

so they are getting rid of any ballast, in order (they hope) to stay afloat. Now they are throwing the printing press and some sailors overboard... wonder what goes next?

(sorry for ship analogy, but it sooo fits)