Not many people know this, but the New York Time’s largest shareholder is a Mexican telecommunications billionaire, Carlos Slim, and he just sold half of his common stock and warrants in the company, valued at about $240 million on Tuesday, reports The Hill.
I guess we may actually be saying goodbye to the failing New York Times.
Slim provided a $250 million loan to the newspaper back in 2009 with the company struggling following the 2008 recession. The newspaper paid the loan off six years ago, but Slim exercised his option on warrants to purchase shares at a discounted price.
The sell-off was made public in an appendix to a regulatory filing on Dec. 4 that was first reported by Bloomberg News on Tuesday.
“Carlos Slim became a shareholder of The New York Times Co. at a critical time in the company’s history,” a company spokeswoman said Tuesday. “We are grateful for Mr. Slim’s confidence and support of the company.”
Slim is Mexico’s richest man and the sixth-richest person in the world according to Forbe’s annual rankings. He stands to make a considerable profit after the New York Times stock has risen about 40 percent in 2017 alone.
Despite the sell-off, Slim, 77, appears to still be the second-largest shareholder of the company. New York-based investment management firm BlackRock is now its largest with a stake of 8.1 percent.
This news comes only days after the head publisher of the New York Times, Arthur O. Sulzberger Jr., 66, stepped down to give the throne to his son, Arthur G. Sulzberger, 37. The paper has been under the Sulzberger reign since 1896.
Even under the intense scrutiny of Trump and the accusations of fake news everywhere, this year has been a good time for the newspaper’s business.
In July, the paper announced it had surpassed 3.3 million print and digital subscribers and doubled its digital base in the past two years alone, while the paper’s online content averages more than 140 million unique visitors per month, according to the company.