Saturday, January 9, 2010

Boston | Publisher Mayer discloses stock holdings

Boston Globe Publisher Christopher Mayer has for the first time disclosed his stockholdings in the New York Times Co., in an initial filing yesterday with the U.S. Securities and Exchange Commission. I believe he made this filing because his appointment as chief executive of the Globe last fall meant he had become an officer of the Times parent company.

Mayer, 47 (left), directly owns 6,052 shares in the form of so-called restricted stock units, the Form 3 filing shows; he takes full ownership -- or "vesting" -- in stages through February 2011.

The document also shows that he holds options on 60,819 shares. Much of that is worthless right now, as it appears the exercise price -- the amount he'd pay if he exercised his right to buy the shares -- is $23.83 on all but 9,400 shares, as I read the filing. That's a price well above the stock's closing price of $14.11 on Friday. Unless and until shares trade well into the range of $30 and up, Mayer is unlikely to take advantage of any of these options, it appears. Still, he has until as long as February 2019 to exercise some of these options, the filing shows.

Mayer was promoted to publisher and head of the Times Co.'s New England Media Group in October.

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