Published On: Thu, Jan 15th, 2015

Carlos Slim is now the top New York Times shareholder

Share This
Tags

Mexican businessman Carlos Slim acquired nearly 15.9 million shares of Class A common stock at $6.36 per share.

Mexican billionaire Carlos Slim has become the largest shareholder of New York Times Co after exercising warrants to double his stake in the publisher to 16.8 percent.

Entities affiliated with Slim exercised the warrants he bought in 2009 when he loaned the company $250 million dollars during the height of the financial crisis.

New York Times, controlled by the Ochs-Sulzberger family through Class B shares, paid back the loan in 2011.

Slim’s total stake is valued at $341.4 million dollars, based on the stock’s Wednesday closing price of US$12.28.

He follows other billionaires who have put their faith in the media business. Amazon.comInc founder Jeff Bezos bought the Washington Post in 2013 while Warren Buffett has invested in several newspapers.

carlos_slim_090122_mn

Slim acquired nearly 15.9 million shares of Class A common stock at $6.36 per share. He earlier held an 8 percent stake.

New York Times intends to use cash proceeds of about $101.1 million to buy back Class A shares.

“..This one-off repurchase program should not be viewed as a change of position about our capital allocation plans,” Chief Executive Mark Thompson said.

New York Times, which has been under pressure to replace an evaporating pool of print advertising dollars with digital ads and money from subscriptions, projected in November a further decline in advertising sales for the current quarter.

 

Source: http://www.reuters.com/

Mexico Travel Care

footer-john-2


Comments

comments

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>