NEW YORK – The New York Times Co. says Mexican billionaire Carlos Slim is now the largest holder of its publicly traded shares.
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The telecom magnate is ranked by Forbes as the world's second-richest person with an estimated net worth of $72 billion. He lent the newspaper company $250 million at the height of the recession.
The company said Wednesday that Slim and entities he controls recently spent nearly $101.1 million to exercise warrants he received for that investment, and acquired 15.9 million shares. That brings his stake to about 27.8 million Class A shares, or 16.8 percent.
The ownership doesn't change control of the company. The Sulzberger family controls The New York Times Co. through a trust that owns 90 percent of its Class B stock, which isn't publicly traded, and 3.8 percent of Class A shares. Holders of Class B stock can elect 70 percent of the company's board.