Times Co. Won't Go Private, Sulzberger Says

'We unequivocally believe in our future' despite revenue falloff
By Harry Kimball,  Newser Staff
Posted Apr 23, 2009 4:39 PM CDT
Arthur Sulzberger Jr., center, publisher of the New York Times, is applauded by reporters and editors in the newsroom.   (AP Photo)
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(Newser) – The New York Times Company does not intend to take itself or its flagship newspaper private, the Wall Street Journal reports. Chairman Arthur Sulzberger Jr. also told a shareholder meeting today that Carlos Slim, the Mexican billionaire who recently bought a large stake in the company, had no interest in influencing its direction. He “has not made any suggestions to have anybody on the board,” Sulzberger said.

Sulzberger fielded a pointed question from a shareholder who wondered if there were “ideas of going private so you could get rid of all of us.” “Now why would we want to do that?” he countered. “We have no plans to take this company private.” Times Co. announced a 27% drop in ad revenue for the first quarter, but while there “is no one solution,” Sulzberger said, “we unequivocally believe in our future.”