New York Times Co.’s Shares Spike on Takeover Rumors

timesticker1.jpgThe New York Times Co.’s stock is surging today, up 6.3% at this writing. It reached greater heights earlier in the day, spiking an astounding 11% on rumors that billionaire shareholder Carlos Slim would buy the whole company. The Wall Street Journal is reporting that Carlos Slim has no actual intention of buying the company, and a representative for Slim has told CNBC that Slim won’t be buying The New York Times. For its part, the Times Co. has said it doesn’t comment on rumors.

Trading volume in New York Times shares is about four times as much as average today.

Slim bought a 6.9% stake in the Times in 2008. In January, he invested an additional $250 million.

Over the weekend, New York Magazine reported that Rupert Murdoch’s Wall Street Journal was mooting a $15 million initiative to take on The New York Times with a New York metro section, in hopes of weakening the Times‘ advertising base.