The following lead paragraph was published in an article entitled, "Why the Times Could Go Private," in the December 11, 2006 issue of BusinessWeek: "Even before restive shareholders began ramping up pressure on The New York Times Co. and insurance mogul Maurice R. ‘Hank' Green- berg started buying shares, Chairman Arthur O. Sulzberger Jr. was thinking about taking the co m pany private.

In recent months, he has been quietly soliciting advice from trusted friend and fina n cial adviser Steven Rattner , according to sources familiar with those discussions." Later, the article adds that "Rattner met with members of the Ochs -Sulzberger family, who control the voting shares of the parent company through a trust and hold 9 of the company's 13 director seats.

He offered various strategic alternatives, say sources, including a leveraged buyout." What does the phrase "taking the company private" mean? What is a leveraged buyout?

See Tom Lowry and Jon Fine, "Why the Times Could Go Private: An LBO Would Be a Long Shot, but Sulzberger and an Adviser Are Talking It Over," BusinessWeek, December 11, 2006, p. 40.