The New York Times Company (NYSE:NYT) shares rose $0.51, or 2.17%, to $24.02 today after it's controlling Sulzberger and Ochs families withdrew most of their investments with Morgan Stanley after a fund manager criticized their control over the publisher. Fortune Magazine reported earlier today that these assets included the families $640 million stake in the NY Times. Morgan Stanley's main concern was with the company's dual class voting structure, which was first brought to the publics attention in April. Since then, they've been successful in garnering additional support which led to 28% of NYT shares being withheld during the company's last annual meeting. This latest move by the two families underscores their reluctance to change, which Morgan Stanley said has already led to the company's shares being undervalued by 50%. Meanwhile, other investors are concerned about the larger issue of conflicts of interest; many investors did not know that Morgan Stanley had such a significant contact with the two families owning the NY Times. Regardless, this is definitely a story to follow as shareholders continue their battle to unlock value.

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