New York Times (NYT) Rallies After Billionaire Carlos Slim Buys Up More Than 6% of Stock

September 11, 2008 5:21 PM EDT

Shares of The New York Times (NYSE: NYT) closed up 9% today after Carlos Slim, one of the world's richest men, disclosed a 6.4%, or 9,100,000 share, stake in the company. Slim disclosed the stake in an SEC 13G filing, which indicates Slim holds a passive investment in the newspaper giant.

According to Bloomberg, a Carlos Slim spokesperson said New York Times has "attractive value" and is a "great company."

The 6.4% stake makes Slim the third largest New York Times shareholders, outside the Sulzberger family. The New York Times largest shareholder, outside the Sulzberger family, is Harbinger Capital, which launched a proxy fight this year for seats on the board, asset sales and more investment in its online strategy.

New York Times has faced a slide in sales as more and more advertisers go online. Shares of New York Times are down 25% over the past year and down 66% over the past 5 years.

The New York Times Company operates as a diversified media company in the United States. It operates in two segments, News Media and About Group.

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• Harbinger Capital
• Carlos Slim

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