paradegpsy
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15 years ago @ Big Journalism - Forget Dave Weigel -- ... · 0 replies · +1 points
Perhaps one way to get more accountability at papers such as the New York Times and the Washington Post would be to change the tax laws so that either dual class structured stock is outlawed i.e. all shares have voting rights, or if allowed to continue then the non-voting shares would lose their eligibility for tax loss write-offs.. In either scenario the shareholders would gain an ability to affect an accountability on the management of these papers that is currently not available either through actual shareholder votes or via capital flight in response to poor management, The dual class voting structure is at the heart of the problem in that it allows for virtual absolute control and disproportionate power over the newspapers to be retained by management without a corresponding ownership stake. Eliminate the dual class structure and you go a long ways towards regaining accountability.