Carlos Slim has once again wrapped his big arms of money around The New York Times and given the paper a tender squeeze. According to Bloomberg News, Slim has upped his shares from 850,000 to 11.9 million. He now owns eight percent of Class A shares.
The purchase boosted the Times’ stock up to $6.75. The 13 percent increase is the most the paper’s stock has climbed in about two years.
This is Slim’s second stake increase in a little over a month; in late August he upped his Class A ownership to seven percent. Slim — who is a Yankees fan, so we extend our condolences — keeps insisting that he doesn’t want to control the company one day, but if he keeps this pace up he might not have a choice.