Carlos Slim ups stake in NY Times to 8.1 percent

Oct 07, 2011
Carlos Slim, pictured in September 2011, the Mexican magnate believed to be the world's richest individual, has increased his stake in the The New York Times Co. to 8.1 percent, regulatory filings showed Thursday.

Carlos Slim, the Mexican magnate believed to be the world's richest individual, has increased his stake in the The New York Times Co. to 8.1 percent, regulatory filings showed Thursday.

The latest buying of shares this week came less than two months after Slim increased his stake to 7.5 percent in the newspaper group, which has struggled to find its footing amid the transition to digital media.

Shares in the company jumped 12.7 percent to $6.75 on the news that Slim purchased 850,000 shares, based on filings with the .

The publisher of The New York Times was feared to be on the verge of bankruptcy just two years ago after the triggered a sharp drop in the advertising market.

Slim is one of the largest individual shareholders in The New York Times Company outside of the Sulzbergers, the wealthy US family that controls the company through its class B voting shares.

With assets ranging from telecommunications to oil and art, Slim has been at the top of the Forbes richest list for two years in a row. The magazine put his fortune at $74 billion this year.

Besides its renowned flagship newspaper, The Company owns the International Herald Tribune, The , 15 other newspapers and various websites.

Explore further: Samsung forecasts profit fall as S6 sales disappoint

Related Stories

New York Times suffers quarterly loss

Jul 21, 2011

The New York Times Company said Thursday it lost $120 million in the second quarter, as income from digital subscriptions failed to make up for a steep write-down of its print newspaper assets.

NY Times Co. posts 2Q loss weighed by writedown

Jul 21, 2011

(AP) -- The New York Times Co. reported a second-quarter net loss Thursday because of an accounting adjustment it made for the declining value of its smaller newspapers. But early results from its flagship paper's paid digital ...

Recommended for you

Is big data still big news?

16 hours ago

People talk about 'data being the new oil', a natural resource that companies need to exploit and refine. But is this really true or are we in the realm of hype? Mohamed Zaki explains that, while many companies ...

Amazon pushes Prime service with day of deals

Jul 06, 2015

Amazon is trying to lure more subscribers to its $99 Prime loyalty program by pushing a day of discounts it calls "Prime Day" during the sleepier summer shopping season.

Mexico City proposes regulations for Uber

Jul 04, 2015

Mexico City is proposing regulations that would allow Uber and other smartphone-based ride-sharing apps to operate, while requiring drivers and cars to be registered, the city's Office of Legal and Legislative Studies said ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.