New York Times, investors end proxy battle

By Lisa Kerner

Charlotte, N.C., March 17 - The New York Times Co., settled a proxy contest with Harbinger Capital Partners Funds and Firebrand Partners, agreeing to add Firebrand founder Scott Galloway and Kohlberg & Co. chairman James Kohlberg to its slate of class A candidates nominated by the board for election at the company's annual meeting on April 22.

The size of the board will be increased to 15 directors from 13, a company news release stated.

Harbinger and Firebrand agreed to cease their efforts to elect a slate of four nominees to the New York Times' board at the annual meeting. The investors also agreed to vote their class A shares in favor of the company's five-person slate.

The other class A nominees will be Robert E. Denham, Thomas Middelhoff and Doreen A. Toben. William E. Kennard, previously nominated to stand for election by the class A shareholders, will now stand for election by the class B shareholders, the release stated.

On Feb. 11, Harbinger and Firebrand announced their intent to nominate Galloway, Kohlberg, Allen L. Morgan and Gregory Shove for election to the New York-based diversified media company's board.

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