David Rosenthal: belief

Transcript context

…Or else they'll go start as Substack. Exactly. Thank God, Substack didn't exist in those days. What would Adolph have done? The Times would go on indefinitely, he hoped towering over all individuals and groups in its employ, and his family would work together, repressing any personal animosity for the greater good, and if possible choose mates in marriage who would also be wed to The Times. How does he set this up? He creates this trust that goes to Iphigene and Arthur, and their descendants. We don't have the details of the legal documents of the original trust, but it was recast a few times as generational transfers happened. I was able to get a hold from the proxy statement, I think from the 1990, maybe 10-K of The New York Times; the proxy statement. Some of the language in the 1986 trusts—there were then several trust among the branches of the family, but they were all linked together—this is what it says in the organizing documents of the trust, “The trustees of each 1986 trust, subject to limited exceptions described below, are directed to retain the Class B common stock held in the trust, and not to sell, distribute, or convert such shares into Class A common stock, and to vote such Class B common stock against any merger, sale of assets, or other transaction pursuant to which control The New York Times passes from the trustees, unless they unanimously determine that the primary objective of the trust, which is to maintain the editorial independence and integrity of The New York Times, and to continue it as an independent newspaper, entirely fearless, free of ulterior influence, and unselfishly devoted to the public welfare can be better achieved by a sale distribution,” blah-blah-blah-blah-blah. Wait, so the primary purpose of the family trust is to ensure to own The New York Times?…

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