MercoPress. South Atlantic News Agency

Mexican billionaire has 6.4% stake in the New York Times

Slim could futher increase its participation in the NYT

Mexican billionaire Carlos Slim has bought a 6.4% stake in publisher of the New York Times, according to a US regulatory filing.

The telecoms tycoon, dubbed the world's second-richest man by Forbes Magazine, is the second major investor this year to buy into the struggling media group. Shares in the New York Times Company have fallen 33% over the last year. Mr Slim's acquisition of 9.1 million shares means he and his family are the firm's third-largest investors. Other key shareholders are the Sulzberger family - who own a controlling stake - and two hedge funds which bought stakes earlier this year. Mr. Slim and the hedge funds, Harbinger Capital and Firebrand Partners, collectively hold more than 30% of firm's Class A shares. The Sulzberger family own 19%. But the Sulzbergers, led by company chairman Arthur Sulzberger, control the publisher because they own nearly all of the firm's Class B shares, giving them the power to appoint most of the board. However reports in the Mexican media indicate that Mr. Slim could increase its participation in the publisher, according to Arturo Elias Ayud a close advisor of the tycoon. "We believe the New York Times is a good corporation, with shares at an attractive price and that is the reason for the investment", added Ayub. Slim who among other companies owns Mexico's Telmex and mobile phones America Mobil invested 128.5 million US dollars in the NYT. The Mexican businessman is known to acquire companies with difficulties as financial investment, so his presence does not mean he will play a role in the NYT decisions. Shares of the NYT publisher have lost 30% in the last fiscal year and had to cut jobs in the news room. NYT is also facing strong competition from the Wall Street Journal which was recently taken over by Rupert Murdoch media tycoon.