(Reuters) - Mexican billionaire Carlos Slim plans to increase his stake in The New York Times Co by exercising at the end of this year warrants he received when he made a major loan to the newspaper company, according to a report in Bloomberg.
The report, which cited a person familiar with the matter, said Slim plans to hold his stake in the New York Times Co. He currently owns about 8 percent of common shares though this will increase to about 17 percent when he exercises the warrants, according to the New York Times Co latest proxy filing.
A spokesman for Slim was not immediately available to comment. A spokeswoman for the New York Times Co declined to comment.
Slim's warrants were part of deal he made with the company in 2009 when he loaned it $250 million during the height of the economic crisis when many big city newspapers reported plunges in advertising revenue.