Tuesday, August 23, 2011

World's richest man increases stake in NY Times to 7.3% as Times share price drops 36% in 2011

8/23/11, "Billionaire Carlos Slim Helu has increased his stakes in newspaper company New York Times Co and luxury retailer Saks Inc..

Through the fund Inmobiliaria Carso S A, Slim bought 553,000 Class A shares of New York Times on August 18 at prices ranging from $6.83 to $7.09 per share, according a regulatory filing.

The purchases increased Slim's stake in the company, which publishes its namesake newspaper as well as the Boston Globe, to 7.3 percent from 6.9 percent....

Slim, with a fortune estimated at about $74 billion, was named the world's richest man by Forbes magazine in March for the second year running....

New York Times repaid a $250 million loan to Slim on August 15, about five months earlier than expected.

Slim still holds warrants to buy 15.9 million Class A common shares of New York Times. The warrants expire on January 15, 2015.

  • Shares of New York Times are down nearly 36 percent this year."...

8/23/11, "Carlos Slim boosts stakes in New York Times and Saks," Reuters

  • from NPR 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."...
  • via poynter.org/romenesko

Stumbleupon StumbleUpon


Post a Comment

Links to this post:

Create a Link

<< Home