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NEW YORK (AP) - The New York Times Co. defused a standoff Monday with its largest outside shareholder, Harbinger Capital, by agreeing to support two people nominated by the hedge fund as directors at its annual meeting next month.
Harbinger had accumulated a 19 percent stake in the company in recent weeks, rivaling the amount held by the Sulzberger family. The Sulzbergers still control the company through a special class of shares which allow them to name 70 percent of the board.
The Times will expand its board from 13 to 15 to accommodate the new nominees, one of whom is Scott Galloway, a New York University marketing professor and shareholder activist who has been advising Harbinger.
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