I've excerpted the relevant parts of Harbinger Capital Partners' letter to New York Times management proposing four new directors and a more aggressive online strategy.

Firebrand/Harbinger is a company formed by Firebrand Partners and Harbinger Capital Partners, who together own approximately 4.9% of [the New York Times.] We are not pursuing a change in the dual class shareholder structure. The New York Times is controlled by the Sulzberger family and we have no desire to change that. We believe the redeployment of capital to expedite the acquisition of digital assets affords the greatest shareholder appreciation and creates the appropriate platform to compete in today's media landscape.

Our director nominees include:

  • Allen Morgan, Managing Director at venture capital firm Mayfield Fund, whose investing practice focuses on internet media
  • Gregory Shove, a former executive at AOL and advisor to Firebrand Partners
  • James Kohlberg, co-founder of private equity firm Kohlberg & Company
  • Scott Galloway, Founder and CIO, Firebrand Partners

Special bonus excerpt for reporters:

I can be reached at 646-262-9076 or sgalloway@firebrandpartners.com and look forward to hearing from you. Scott Galloway