We wanted to weigh-in for some time on the pressure Wall Street and other investors have been placing on publicly traded newspaper companies. They have done a great deal of damage to the vitality of the U.S. news media, including forcing the sale of Knight Ridder. Now, Morgan Stanley and others are pressing the Times Co. to change its shareholder voting policy [which helps the family maintain control] and to also make other moves designed to maximize revenues. Today’s Wall Street Journal has a good story on a recent meeting Morgan Stanley’s Hassan Elmasry had with the Times’ board [sub. may be required]. The Journal story said that Morgan Stanley may withhold their votes for the election of Times Co. directors as a statement of displeasure. T. Rowe Price is also one of the investment companies unhappy with the Times. But the key point is that Morgan Stanley is pressing the Times Co. to maximize revenues and shareholder return. According to the Journal: “Mr. Elmasry’s presentation to the board repeated many of the concerns he has already raised with the company’s management. According to a person who saw his presentation, he showed a number of slides comparing the shareholder return of the Times company to other media concerns, such as Dow Jones & Co., the publisher of this newspaper, Washington Post Co., Gannett Co. and Tribune Co., and showed that the Times’s returns were the worst of the group.” If Morgan Stanley’s leaders can’t see why the Times is such a valuable public interest benefit, that says a great deal about who they are. No one is saying there shouldn’t be criticism if people believe there are legitimate problems with finances, such as fraud and abuse. But newspapers are critically important to our nation’s culture. We have so few decent ones left. Morgan Stanley and other investors should not be trying to undermine a valuable news operation. “Greed” isn’t good, Morgan Stanley. It can wreck our democracy. Responsible investors should take note. Placing at risk a key U.S. news institution does not show sound judgement.
PS: As I recount in my book, Morgan Stanley was one of the Wall Street firms praising the merger between AOL and Time Warner. Morgan Stanley’s assessment about the merger’s financial benefits to investors was used to help get the FCC to approve the deal. Morgan Stanley made money from the merger by earning a substantial transaction-related fee. But most investors suffered.
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