Stale News Thats Fit To Print
Dead trees are supposed to float.
Try telling that to shareholders in New York Times Co. (NYT-NYSE) given that the stock trades with the buoyancy of a rock. Still smarting from a plagiarism scandal that rocked the house of Sulzberger, management continues to flail about seeking a cure.
Apparently shoplifting is part of their business plan…
Unfit to Read:‘Times’ Bans Weeklies
Too tempting to steal from.
By Emma Rosenblum
December 11, 2006
It’s mind control at the Times! John Sutter, publisher of Community Media newspapers, has long objected to the way the Times’ Sunday “City” section draws from his papers (The Villager, Downtown Express). In 2003 he got Washington Post media critic Howard Kurtz to write an exposé on the uncredited pickups. Then in October, Sutter spotted an article he believed was too similar to a Villager piece, and e-mailed the section’s editor, Connie Rosenblum. She replied, “Our regular writers have been told they may not read any of your publications, and they all abide by that.” Sutter was “surprised and confused” by the statement. “Ban your writers from reading certain newspapers? It’s hard to believe.” Believe it. “Hoping to avoid unintentional similarities, the editor of the ‘City’ section asked her reporting staff to avoid reading Community Media publications,” a Times spokesperson said. “The editors do not tell freelancers what to read, nor encourage their staff to read any particular publication (except the Times).”
New York Magazine
We can sympathize with the Sulzberger’s plight. And while imitation might be the sincerest form of flattery....that won’t pay the bills around here. They can syndicate us...we would even run the spell check for folks of their stature…
Of course, tweaking the business model and ripping off bloggers might boost their sagging bottom line…
Hedging ’06: Year to Read the Caveats
December 11, 2006
By Jenny Anderson
...another major fund, with a different strategy, faces a far different year-end. Atticus Global, a fund within Atticus Capital, was up 11.5 percent in November and 32.2 percent for the year, according to one investor. A spokesman declined to comment.
Founded by a former right wing on the Harvard hockey team, Timothy R. Barakett, Atticus Capital has benefited from its outsize performance. At $4 billion at the end of 2004, the fund has more than $13 billion today.
Its style — buying large positions in stocks — is risky, and this year paid off well.
For instance, Atticus Management owned or controlled through options, 9.9 percent of Phelps Dodge, according to federal filings. When Freeport McMoRan Copper and Gold announced in late November that it would acquire Phelps, Atticus made more than $510 million in a weekend, and much more on its longer-term investment. (Since hedge fund managers take 20 percent of the profits, Mr. Barakett himself made more than $100 million.) Other bets, like a large stake in the NYSE Group, have surged as well... New York Times
jeez where have we seen that…
Underthecounter.net
Mo’ Money
November 25, 2006
While average Americans sat on their ever expanding butts this past trading week, Timothy Barakett and the crew at Atticus Capital were busy hoisting a cherry atop what has turned out to be a very tasty year.
As the largest shareholders of NYX Group, the boyz were no doubt singing a sweet song to their clients, to the tune of $150 million, as the stock rocked to all-time highs.
But those numbers pale in comparison to the coin they minted in Phelps Dodge. Freeport-McMoran’s $26 billion bid for PD lifted the shares 28% on the week. And with Atticus again showing up as the top shareholder, the hedge fund’s haul on this deal made the NYX windfall look like a pittance.
A filing on September 30th shows them holding 16.8 million shares. With the stock up slightly over 27 points this week, tack on another $450 million. True, they might have hedged their exposure on these two positions, but noteworthy all the same.
Not bad for a 3 and 1/2 day work week. Underthecounter
the story got a little racier however…
Underthecounter.net
Blunt Talk: Scoring on the Street
November 28, 2006
With their portfolio on a roll, life for the boyz at Atticus Capital is as good as it gets. After all, 20% of last week’s known gains add approximately $120+ million to the partners side of the ledger. Another solid year or two and we will consider bestowing Superhero status upon them. But it takes more than money to join this exclusive club.
While Atticus Chairman and CEO Tim Barakett was quite a hockey player in his younger days, it seems Atticus Co-Chair Nathaniel Rothschild might be able to teach Tim a thing or two about putting the puck in the net.
Underthecounter
Given the nifty alterations, Jenny might enjoy a bright future as tailor or seamstress.
The Times might eventually figure out their online dilemma.
This is a step in the right direction. And DealBook is awesome.
Well done Mr. Sorkin.
New York is a great city. UTC wants to be a good neighbor. We would never snake a paper from a stoop.
But if we did, it would be The Post.
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