Two hedge funds have increased their stake in the NY Times company to 19%, and they are agitating for 4 of the 13 seats on the board of directors. (The other 9 seats are controlled by the Sulzberger family by virtue of the two tiered stock structure).

I think that this is the first stage of an assault on the two tiered stock structure.

The strategy of the hedge funds could fall into one of three categories:

• They intend to make enough of a nuisance of themselves to get Times Co. to pay them off to leave.
• They intend to take over and break up the company for profit.
• They intend to take over to change the editorial direction of Times Co.

I think that the last one is least likely.