Activists Win Two Seats on Times Board

The New York Times Co., Harbinger Capital Partners Funds, and Firebrand Partners have announced that they have reached an agreement under which Firebrand founder Scott Galloway 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.

The board size will increase from 13 to 15 directors, and 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 Co.'s board at the upcoming 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.

"We are pleased to have reached an agreement with Harbinger and Firebrand," Chairman Arthur Sulzberger, Jr. said in a statement. "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."