Slim buys New York Times stake
http://news.bbc.co.uk/go/rss/-/1/hi/business/7609842.stm Version 0 of 1. Mexican billionaire Carlos Slim has bought a 6.4% stake in publisher of the New York Times, according to a US regulatory filing. The telecoms tycoon, dubbed the world's second-richest man by Forbes Magazine, is the second major investor this year to buy into the struggling media group. Shares in the New York Times Company have fallen 33% over the last year. Mr Slim's acquisition of 9.1 million shares means he and his family are the firm's third-largest investors. Other key shareholders are the Sulzberger family - who own a controlling stake - and two hedge funds which bought stakes earlier this year. Mr. Slim and the hedge funds, Harbinger Capital and Firebrand Partners, collectively hold more than 30% of firm's Class A shares. The Sulzberger family own 19%. But the Sulzbergers, led by company chairman Arthur Sulzberger, control the publisher because they own nearly all of the firm's Class B shares, giving them the power to appoint most of the board. |