Today's Coming Crisis Movie

Wednesday, August 24, 2011

Mexican billionaire Carlos Slim Helu increases his stake in NY Times as foreign ownership of America grows

Mexican billionaire Carlos Slim Helu has increased his stake in the New York Times Company just weeks after the US newspaper group repaid the emergency $250m loan it took from Mr Slim in 2009.

Mr Slim upped his stake from 6.9 per cent to 7.3 per cent through the purchase of 553,000 class A shares, according to a regulatory filing. The new holdings, acquired on August 18 for between $6.83 and $7.09 per share, were purchased by Mr Slim’s Inmobiliaria Carso SA investment fund and came at the end of a volatile week on the stock market.

Mr Slim’s group also increased his stake in Saks, the luxury retailer, from 15.7 per cent to 16 per cent on the same day.

“We are buying because we feel that the shares are at a very good price, and we are increasing our holdings in the two companies,” said Arturo Elias Ayub, Mr Slim’s son-in-law and head of strategic alliances at Telmex, Mr Slim’s fixed-line phone company.

Shares in the New York Times are down 29 per cent from six months ago as the group struggles to balance declining print advertising and circulation with new digital revenues, while shares in Saks are down 26 per cent over the same time. more