May 16, 2014

Oligarch Carlos Slim to own 17% of NYT

From Reuters last February:
(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.

These are not voting shares, but, still, for a Mexican who regularly contends for richest man in the world, how has buying so much influence over the entire American news media not been a great deal for him?


Sean said...

He is naive if he thinks he needs to buy it from the NYT. They'll do it for free.

Rob said...

Won't there be phone cables rotting in the fields in Mexico if he supports open borders?

Anonymous said...

That you're the only one reporting on this just gives the lie to the Left's supposed concern over corporate influence in politics.

Anonymous said...

Some wag said that the NYT editress got fired because she kept referring to the paper’s co-owner as ”Carlos Fat.” Carlos is an old school tycoon because unlike most modern billionaires he’s literally a fat cat.

Anonymous said...

Just another semitic globoligarch.

near east and southern europe were cradle of globoligarchy from the very beginning

John Mansfield said...

I'm surprised there hasn't been anything on iSteve yet about the NY Times firing the woman and replacing her with the black guy.

Anonymous said...

Highly unlikely that he ends up with 17%, because he'll choose a cashless exercise. He'll take the amount of shares equal to the in the money value of the options. That's about 9mm shares vs the 15.9mm warrants.

C'mon Steve, you went to business school.

Dan said...

Corroding relay towers need to be harvested by migrant workers, and their malnourished kinder.