New York Times Company Chairman Arthur Sulzberger Jr. sold 50,000 shares of the company’s Class A stock Aug. 8. The sale was part of “Arthur’s normal estate planning,” Times spokesperson Eileen Murphy tells Christine Haughney.
Sulzberger coauthored a memo last week insisting the Times was not for sale.
The Sulzberger family controls the New York Times Company’s board through its ownership of “most of the class B shares outstanding, which vote separately for a majority of the board members,” William Launder writes in The Wall Street Journal.
After the sale, Mr. Sulzberger owns 173,675 class A shares directly, Monday’s filing said. A filing with the SEC earlier this year showed that as of March 4, Mr. Sulzberger also owned about 851,000 stock options. Separately, he had an interest in several million class A and B shares held through a family trust, according to SEC filings. The earlier filing showed that the family’s combined shareholding in the company has fallen to around 13%, down from 19% in 2010.