REUTERS: A private equity fund run by Goldman Sachs Group Inc, under fire over its business ethics, has agreed to sell back its stake in a media company that critics say facilitates sex trafficking….
The fund began negotiations with Village Voice Media in March, after deciding in 2010 that it had grown “uncomfortable with the direction of the company,” and Goldman’s inability to influence its operations, said Andrea Raphael, a Goldman Sachs spokeswoman.
Raphael said the fund invested $30 million in the Village Voice in 2000. The investment was converted into a 16 percent minority stake when the Village Voice merged with New Times Inc in 2006. She declined to disclose the sale price, but said the fund lost the “vast majority” of its investment… (more)
