Last week the investor group Firebrand Partners and hedge fund Harbinger Capital Partners doubled its stake in the New York Times Company from 10% to 15%.
Scott Galloway, the Firebrand Partners founder, has called on the New York Times to invest more heavily in its digital operations and is asking for four seats on the board of the company, which owns the New York Times and the Boston Globe.
Four of the 13 Times board members are elected by public shareholders who own the company's Class A shares.
The media group, which is controlled by the Ochs-Sulzberger family owns close to 90% of the company's Class B shares, which give it overriding voting control of the company.
The family has already asked shareholders to back its sate of four Class A directors. Its slate includes Dawn Lepore, chief executive of online pharmacy Drugstore.com, and Robert Denham, the former chief executive of Salomon Inc.
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