The Mexican billionaire Carlos Slim Helú has more than doubled his stake in The New York Times Company, to nearly 17 percent, the company said on Wednesday.
Mr. Slim exercised warrants to acquire nearly 16 million shares of the company’s Class A stock at a price of over $6.36 a share, the company said, increasing his stake from 7 percent. He now owns nearly 28 million shares in total.
The company received more than $100 million in the transaction, it said, which it intends to use to repurchase Class A shares — a different category from the controlling Class B shares held by the Sulzberger family.
Mr. Slim, who made his money in telecommunications across Latin America, is one of the world’s richest people, worth about $72 billion, according to Forbes. He lent the Times Company $250 million, at an interest rate of 14 percent, in 2009; at the time, with the world economy struggling and credit tight, the company looked to be in peril. The loan was repaid in 2011, more than three years before it was due. But the warrants, which expired this month, were issued in connection with that deal.
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tell me again how NYT paid no taxes AND got a refund!
ReplyDeleteThis is interesting. One of the Democrats of the FEC is trying to eliminate media with foreign ownership from covering politics. This would apply to the NYT. Now one of the richest people in the world is buying more.
ReplyDelete