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.
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.
more recommended stories
We have to stop them at the border (Trump on Migrant Caravan)
President Trump answers reporters’ questions outside.
Mexico City Airport threatens to turn into confrontation between government and private sector
According to Bloomberg, the referendum on.
Animal trafficking in Yucatan
The traffic of endangered species in.
City of Mérida analyzes the use of electric carriages
The City of Mérida will conduct.
Mexican Nopal: superfood auxiliary in the control of diabetes and hyperglycemia: IMSS
“Cactus (Nopal) consumption is auxiliary to.
7 advantages of using a VPN
While many of us use the.
Hyundai chooses Mérida to open its first virtual store in the Americas
The Korean auto firm Hyundai opened.
A throng of Central American migrants continues their trek toward the U.S. border across southern Mexico
According to the USA Today, an estimated 5,000.
Yucatán’s Legislative Building lights up in pink for Breast Cancer Awareness Month
In October, the month of the.
Cancun’s Nichupté and Bojórquez lagoons to be cleaned up
“A project to clean up the.