Carlos Slim Increases Stake in The New York Times

By Chris O'Shea Comment

Carlos Slim, the richest person in the world, has increased his stake in the The New York Times Company, upping his ownership of Class A shares to 7.2 percent, up from 6.9 percent. Ad Age reports that increasing investments when the market is down is typical behavior for Slim; he even upped his stake in Saks Inc. the same day. You can do that kind of thing when you’re the richest guy on the planet.

The buy — about 553,000 shares at $6.83 to $7.09 — deepens Slim’s and the Times’ relationship, which goes back to late 2009, when Slim lent the struggling company $250 million (again, something you can do when you use $100 bills for napkins).

In July, the Times returned the favor by announcing they were repaying the debt early, so Slim upping his stake is just him — once again — showing his confidence in the paper.