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
7-year-old migrant girl taken into Border Patrol custody dies of dehydration, exhaustion
7-year-old girl from Guatemala died of.
Trump keeps saying: “Build that Wall”
WASHINGTON (AP) — President Donald Trump.
Yucatan Federal Government look for young people and adults older than 68 to support them
The Federal Government develops the first.
Chichen Itza joined the ritual to Mother Earth to build the Mayan Train project
On Sunday Dec. 16, at the.
Amazon uses dummy parcels to catch thieves
Amazon has teamed up with police.
Maya train will be up and running in 4 years
After the start of the construction.
Valladolid Municipal Bazaar registers good sales during December
Vendors of the municipal bazaar of.
Spain’s Ángela Ponce breaks paradigms in Miss Universe
After the Spanish Ángela Ponce, the.
Possible 2020 candidate Beto O’Rourke meets with young refugees at US-Mexico border
Flanked by a group of politicians.
Gabriel García Márquez niece rescued from kidnappers after four months
BOGOTÁ (EFE) .- Colombian authorities rescued.