Carlos Slim Doubles His Stake In The New York Times
A rumor is circulating that, if true, could further impact one of America's premier journalism outlets.
According to Bloomberg, Telecom mogul Carlos Slim Helú is planning on doubling his stake in the New York Times Company (NYSE: NYT). That action would reportedly bring his stake to 19 percent, and would be accomplished by exercising warrants by the end of 2014.
The New York Times Company currently shares trades at around $14.63 per share, and the stock warrants Slim holds would give him the right to buy the shares at $6.36 per share.
Slim, who is reportedly worth $73 billion and is currently the Times' second-largest shareholder, started to take interest in the news company back in 2009 when it was suffering hefty losses. He's also offered the company a loan of $250 million.
The Times has struggled in its efforts to return from a losing proposition back to a positive cash cow. The company had 13 quarters of straight losses, and was pretty much neglecting the digital content part of its news site.
It has since slowly shifted gears, and is now focusing on building high-quality digital content -- while looking towards user viewership, rather than advertisers, for revenue.
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