Slim becomes largest NY Times shareholder
The New York Times Co. says Mexican billionaire Carlos Slim is now the largest holder of its publicly traded shares. The business magnate, who built his fortune by amassing a range of retail, industrial and telecom companies, is ranked by Forbes as the world's second-richest person with an estimated net worth of $72 billion. Slim lent the newspaper company $250 million at the height of the recession, as print advertising sales dropped across the industry and the company slashed staff and sold off most of its midtown Manhattan headquarters to raise cash. New York Times later refinanced the high-interest loan and paid it off three years early. The ownership doesn't change control of the company. The Sulzberger family controls The New York Times Co. through a trust that owns 90 percent of its Class B stock, which isn't publicly traded.
Last Update: January 16, 2015 01:16