March 2008
The New York Times Company, the Harbinger Capital Partners Funds ("Harbinger") and Firebrand Partners ("Firebrand") announced that they have reached an agreement under which Scott Galloway, founder of Firebrand, and James Kohlberg, chairman of Kohlberg & Company, will be added to the slate of Class A candidates nominated by the Board for election at the annual meeting of shareholders on April 22, 2008. The size of the Board will be increased from 13 to 15 directors. As a condition to the agreement, Harbinger and Firebrand have agreed to cease their efforts to elect a slate of four nominees to the Times Company's Board of Directors at the 2008 annual meeting.
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. Harbinger and Firebrand have agreed to vote their Class A shares in favor of the Company's recommended five-person slate.
Chairman Arthur Sulzberger, Jr. said, "We are pleased to have reached an agreement with Harbinger and Firebrand. Both the Board and management welcome the perspectives and insights of our proposed new directors."
Philip A. Falcone, senior managing director of Harbinger, stated, "Our nominees look forward to working with the other directors and management to build and deliver value for all shareholders."
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