FedEx CEO challenges NYT publisher to debate

FedEx isn't the first company to battle the media, but few have thrown down the gauntlet like its CEO, Fred Smith.

In an open letter on FedEx's website Monday, Smith challenged the publisher of The New York Times, A.G. Sulzberger, and the paper's business section editor to a public debate in Washington, DC.

The dramatic move came one day after The Times published a front page story titled, "How FedEx Cut Its Tax Bill to $0", alleging the courier service's taxes dropped from $1.5 billion in 2017 to nothing in 2018, thanks to President Trump's tax cut - something Smith had lobbied hard to pass.

Despite the huge tax savings, the Times claimed FedEx, quote, "did not increase investment in new equipment and other assets in the fiscal year that followed, as Mr. Smith said businesses like his would."

That appears to have incited Smith, who called The Times piece, quote, "a distorted and factually incorrect story."

In a further retort, Smith claimed the Times itself, "paid zero federal income tax in 2017 on earnings of $111 million, and only $30 million in 2018...." and that its capital investments paled in comparison to the $6 billion Smith says FedEx invested in the U.S. economy.

Smith then called for the public debate with the Times, and said he would be joined by FedEx's corporate vice president of tax.

In an email to Reuters Monday, The Times responded by writing:

"FedEx's colorful response does not challenge a single fact in our story. We're confident in the accuracy of our reporting. FedEx's invitation is clearly a stunt and an effort to distract from the findings of our story."