Rather than fight with the Harbinger hedge fund, officials of The New York Times Company decided to meet with the dissident shareholder and try to come to terms. Indeed, they have. An agreement has been reached which will terminate the proxy contest over board seats at NY Times Co.
Under the deal that has been struck, the NY Times Co. has agreed to add two seats to its board and nominate two Harbinger representatives, Scott Galloway and James A. Kohlberg, to fill them. That will increase the NY Times Co. board of directors to 15 members. At least one of the Harbinger representatives is to be named to each of the Nominating & Governance Committee and the Compensation Committee.