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: Apple increases stock buyback, will split stock

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

Amazon Prime wins streaming deal with HBO

9 hours ago

Amazon scored a deal Wednesday to distribute old shows from premium cable TV channel HBO to its monthly Prime subscribers, landing a blow on rival Netflix in the streaming video battle.

LinkedIn to anchor new San Francisco high-rise

19 hours ago

San Francisco Mayor Ed Lee says the professional networking site LinkedIn will expand its presence in the city by anchoring a high-rise office building under construction.

User comments : 0

More news stories

US urged to drop India WTO case on solar

Environmentalists Wednesday urged the United States to drop plans to haul India to the WTO to open its solar market, saying the action would hurt the fight against climate change.

Is nuclear power the only way to avoid geoengineering?

"I think one can argue that if we were to follow a strong nuclear energy pathway—as well as doing everything else that we can—then we can solve the climate problem without doing geoengineering." So says Tom Wigley, one ...