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Topic: Miscellaneous items
Date/Time: 11/29/2006 2:23:01 PM
Title: Greenberg, unnamed billionaire eye NYT Co.
Posted By: Jim Romenesko
 
CNBC press release

FOR IMMEDIATE RELEASE

CNBC EXCLUSIVE: CNBC's CHARLIE GASPARINO SAYS HANK GREENBERG AND ANOTHER UNNAMED BILLIONAIRE ARE INTERESTED IN BUYING THE NEW YORK TIMES COMPANY

In a CNBC EXCLUSIVE, Charlie Gasparino reports that Hank Greenberg, Former Chairman and CEO of AIG, has approached investment bankers and is actively engaged in trying to buy The New York Times Company. Gasparino also reports that an unnamed billionaire is also interested in buying the Company. Gasparino reported the story in his weekly "Street Stories" segement during CNBC's "Power Lunch."

Please see transcript below.

DATE: November 29, 2006
NETWORK: CNBC
PROGRAM: "Power Lunch"
TIME: 1:15 pm ET

----------------------------------------------------------------
SUE HERERA: CHARLIE GASPARINO JOINS US NOW WITH HIS STREET STORIES THAT HE'S HEARING ABOUT THE REPORT IN THE NEW YORK POST, CHARLIE, THAT HANK GREENBERG IS BUYING SHARES OF NEW YORK TIMES COMPANY. YOU THINK HE WANTS TO BE MORE THAN JUST AN INVESTOR HERE, RIGHT?

CHARLIE GASPARINO: YEAH, I THINK THIS STORY GOES BEYOND HIM TRYING TO BE AN ACTIVIST SHAREHOLDER TO GET THE FAMILY TO PRODUCE MORE PROFITS FOR SHAREHOLDERS. FROM WHAT I UNDERSTAND, HANK GREENBERG IS ACTIVELY ENGAGED IN TRYING TO BUY THE ENTIRE NEW YORK TIMES COMPANY. THAT HE HAS APPROACHED INVESTMENT BANKERS AND ASKED THEM IF THEY WOULD WORK FOR HIM SO THEY COULD PUT TOGETHER SOME SORT OF A PLAN TO TAKE OVER THE NEW YORK TIMES COMPANY. NOW, INVESTMENT BANKERS HAVE TOLD HIM IT WOULD BE NEXT TO IMPOSSIBLE. IF NOT IMPOSSIBLE, BECAUSE LET'S FACE IT, THE NEW YORK TIMES HAS TWO CLASSES OF STOCK, THE FAMILY CONTROLS THE VOTING STOCK WHICH MAKES IT DIFFICULT FOR HANK GREENBERG TO COME IN THERE OR ESSENTIALLY ANY INVESTOR TO COME IN THERE AND BUY THE COMPANY. BUT GREENBERG IS INTENT ON PUSHING THE ENVELOPE ON THIS.

SUE: WHY?

CHARLIE: TWO THINGS. GREENBERG BELIEVES THIS IS AN UNDER VALUED ASSET. NUMBER TWO, THERE IS A LOT OF EGO HERE. JACK WELSH [SIC] IS OUT THERE TALKING ABOUT BUYING THE BOSTON GLOBE. HANK GREENBERG WANTS TO BE IN THERE. HE'S GOT MONEY TO BURN. AND I BELIEVE THERE IS A LITTLE REVENGE HERE. LET'S FACE IT. THE NEW YORK TIMES HASN'T BEEN SO NICE TO HANK GREENBERG OVER THE YEARS ESPECIALLY AS HE CAME UNDER INVESTIGATION WITH ELIOT SPITZER. FROM WHAT I UNDERSTAND GREENBERG IS INTENT ON DOING THIS THEV HE'S APPROACHED INVESTMENT BANKERS. HE ISN'T THE ONLY ONE. APPARENTLY THERE IS ANOTHER BILLIONAIRE OR NEAR BILLIONAIRE INVESTOR OUT THERE LOOKING TO BUY THE NEW YORK TIMES. FROM WHAT I HEAR, A LOT OF PEOPLE SPECULATING, THAT COULD BE JACK WELSH [SIC] AS WELL.

SUE: THEY WANT THE PLATFORM, CORRECT? THE PROFITS, THE NEWSPAPER BUSINESS HAS NOT BEEN PROFITABLE. THEY'RE LOOKING FOR THE VOICE, EDITORIAL VOICE?

CHARLIE: YOU'RE WRONG ABOUT THAT. NEWSPAPERS IS VERY PROFITABLE. IT'S GROWTH THEY DON'T HAVE. THESE GUYS HAVE A LOT OF MONEY, THEY HAVE MONEY TO BURN AND YOU DO GET A GREAT PLATFORM AND YOU DO GET AN ASSET THAT IF YOU CAN MAKE IT WORK CAN MAKE A LOT OF MONEY DOWN THE ROAD.

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