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: Facebook CEO wants more students to explore tech

add to favorites email to friend print save as pdf

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

Alibaba prices IPO at $68 per share

2 hours ago

Alibaba, the Chinese e-commerce powerhouse named after a fabled, poor woodsman who discovers a thieves' den full of treasures, is ready to strike it rich on the New York Stock Exchange.

Larry Ellison releases helm of mighty Oracle ship

4 hours ago

Tycoon yachtsman Larry Ellison on Thursday stepped down as Oracle's chief executive, trusting a pair of lieutenants to steer the titanic business software firm he helped launch decades ago.

Alibaba's plan: Today, China. Tomorrow, the world.

9 hours ago

Amazon and eBay should watch their backs. As Chinese e-commerce powerhouse Alibaba readies what could be the biggest initial public offering ever on the New York Stock Exchange, it is quietly hinting at plans ...

User comments : 0