Friday, October 07, 2011

Richest man in the world increases shares of NY Times, Boston Globe, Red Sox

NY Times still owns 320 units of Boston Red Sox. "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 per cent, regulatory filings show.

The latest buying of shares this week came less than two months after Slim increased his stake to 7.5 per cent in the newspaper group, which has struggled to find its footing amid the transition to digital media.

Shares in the company jumped 12.7 per cent to $US6.75 on the news that Slim purchased 850,000 shares, based on filings with the Securities and Exchange Commission on Thursday.

The publisher of The New York Times was feared to be on the verge of bankruptcy just two years ago after the global financial crisis 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 $US74 billion ($A76.28 billion) this year.

Besides its renowned flagship newspaper, The New York Times Company owns the International Herald Tribune, The Boston Globe, 15 other newspapers and various websites."

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"The Times Co. sold off 390 of its 700 units, according to a filing with securities regulators, and has reduced its stake to 7.3 percent of Fenway Sports Group. It sold the units for $300,000 each, triple what it paid for them in 2002....

The Times Co. paid $75 million for a 17 percent stake, or 750 units, in the Red Sox in 2002, the year John Henry acquired the team. Since then, the team has won two World Series titles and the value of the Red Sox and related properties has risen.

In addition to the Sox and Fenway Park, Fenway Sports owns the Liverpool Football Club, the English soccer team; about 80 percent of the regional cable channel New England Sports Network; and 50 percent of Roush Fenway Racing, a NASCAR team."...


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