Mexican billionaire increases stake in NY Times and Red Sox
- Carlos Slim and Arod at Telmex kids' baseball clinic, 11/30/08, ap photo
- Per an SEC filing Friday, "Slim exercised warrants for 15.9 million in Class A shares for a strike price of $6.3572 through his companies Inmobiliaria and GFI, raising his stake in the Times Co. to 16.3% from 6.9% at the time he was approached to loan a substantial sum to the venerable publisher. ...
- The company said that that he would not be joining the board. The Class A common shares he bought is publicly traded stock, not the super-voting shares that gives the Ochs and Sulzberger family control of the company." ...
- from On the Media Transcript with Andres Martinez, former editorial page editor of the NY Times and LA Times, 1/30/09:
- "In Latin America the perception will be this is now Mr. Slim’s newspaper....
And in this sense, I feel, as a - somebody who grew up in Mexico that our neighboring country’s being treated with the soft bigotry of low expectations [BROOKE LAUGHS], but in the sense that, well,
- it’s Mexico, we don't really need to worry about it,
- who knows how people make money down there, and the fact that
- The New York Times is not covering the crony capitalism in Mexico, the inequality that
- feeds a lot of the social unrest....
And it’s not just about Mexico. Mr. Slim’s America Movil cellphone company has businesses in more than a dozen Latin American countries.
- In Latin America the perception will be this is now Mr. Slim’s newspaper.
BROOKE GLADSTONE: You write that even if and when Slim is inevitably criticized by The Times again, he'll win again. How so?
ANDRES MARTINEZ: That's right. I think it’s a win-win proposition for him. The greatest benefit for him is it legitimizes him. It gives him a Good Housekeeping Seal of Approval within Mexico.
- It’s the same reason that foreign tycoons give to the
- Clinton Foundation,
- that they go to Davos;
- it’s the same reason Andrew Carnegie built libraries.
- It diffuses any criticism within Mexico, because
if The New York Times, of any institution, will partner up with Carlos Slim, he must be okay....
ANDRES MARTINEZ: I think the test for The New York Times is going to be as the situation in Mexico continues to deteriorate as a result of drug violence,
- but also as a result of this crony capitalism,
is The New York Times going to continue to neglect that story? And to the extent that
- The New York Times editorializes against economic inequality in the U.S. or in other parts of the world
- and neglects the very same phenomenon in Mexico,
that’s going to raise troubling questions, because it really is a story about whether a weak state can rein in the likes of Carlos Slim."...1/30/09, 'The Real Slim Shady,' via Poynter.org/RomeneskoTweet Stumbleupon StumbleUpon