Carlos Slim raises stake in NYT

AP News
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Posted: Aug 23, 2011 7:36 PM
Carlos Slim raises stake in NYT

Mexican telecommunications billionaire Carlos Slim has increased his stake in The New York Times Co., according to regulatory filings.

Inmobiliaria Carso SA, which is controlled by the Slim family, bought 553,000 shares of New York Times class A common shares on August 18, according to a filing with the Securities and Exchange Commission on Monday. Slim's purchase prices ranged from $6.83 to $7.09 per share. The stock closed Tuesday at $7.00 per share.

With the purchase, Slim's stake in the company's class A common shares rose to 7.2 percent from 6.9 percent.

The majority of the Times Co. is controlled by the Sulzberger family through a special class of stock.

In addition to being an investor, Slim has loaned the Times Co. money. The company recently paid back a $250 million, high-interest loan from him _ahead of the planned repayment schedule.

Forbes lists Slim as the world's richest man, with a fortune estimated at $74 billion _ much higher than Bill Gates' $56 billion or investor Warren Buffett's $50 billion. Slim built his fortune by amassing a range of retail, industrial and telecom companies.