New York Times is part-owned by Mexican billionaire who wants to increase his stake

Posted Sun, Jan 18, 2009 at 12:16 pm

In September 2008, Mexican billionaire Carlos Slim bought 6.9% of the common stock of the company that owns the New York Times, and now he wants to make an increased investment and this time of preferred shares (link). It's through the ownership of the latter type of stock that the Sulzberger family (led by Arthur Sulzberger aka "Pinch") controls the paper, and such a purchase would necessarily cause Slim to have even more control over them than he does now through owning common shares.

The NYT strongly supported illegal and massive immigration from Mexico well before September of last year, so it's difficult to imagine how much worse they could become if "America's paper of record" became "America's Mexico-owned paper of record". But, I'm sure they'd try their best.

Note that a member of the NYT editorial board criticized Slim in 2007.

UPDATE: The correct then-percentage of his ownership is apparently 6.9%; changed above. And, the NYT reports on itself here, informing us that a deal has been reached:

Under the terms of the deal, Mr. Slim, who already owns 6.9 percent of the Times Company, would invest $250 million in the form of six-year notes with warrants that are convertible into common shares, the company [the New York Times Company] said in a statement. The notes also carry a 14 percent interest rate, with 11 percent paid in cash and 3 percent in additional bonds... Mr. Slim will receive no representation on the company’s board or any shares with special voting rights like those of the Sulzberger family, which controls the company. Nonetheless, when Mr. Slim exercises the warrants, he will be among the largest single shareholders in the Times Company, owning up to 17 percent of the common shares outstanding... The Sulzberger family members own about 19 percent of company and control it with a special class of voting shares.

Tags: 
new york times
carlos slim

Comments

Fred Dawes (not verified)

Sun, 01/18/2009 - 21:53

Carlos Slim is not really Mexican but he is A Old time Red and hates the White American way of live he loves power and loves to use that power for his own ideals of total evil just like Obama and most of our so called government on all levels.

eh (not verified)

Mon, 01/19/2009 - 00:59

What an idiot.

Anonymous (not verified)

Mon, 01/19/2009 - 02:55

Your repetitive and delusional Fred. And that's being kind

Fred Dawes (not verified)

Mon, 01/19/2009 - 13:49

so petty do you love obama to?

Mary (not verified)

Mon, 01/19/2009 - 22:34

Why doesn't Carlos invest in his own country???

llamajockey (not verified)

Mon, 01/19/2009 - 23:11

Mary, Carlos Slim and his extended clan are worth at least 60-70 billion, maybe much more. They own majority holdings in Mexico's telephone, communication and banking system. Check his wiki. Reportedly 2-3% of every remittance dollar legal and otherwise going back to Mexico ends up in Slim's pocket. Slim is making a couple of billion a year off the "Mexodus" and the drug trade. The NYT's Open Borders agenda is the best investment Slim can make. Besides he probably has already lost billions in Las Vegas and Florida real estate. You forget like most of Mexico's elite Slim is only often nominally "Mexican". Slim himself is reportedly at least half Lebanese. If Slim and his ilk had half the good will that most Americans show everyday towards their fellow man whether residing in their country legally or otherwise, he would endow a half dozen top rate universities and many more community colleges in the most impoverished states in Mexico. The worst robber barons in US history often did much more by comparison. PBS Frontline did a documentary on Mexico's mostly European elite who have ruled the country since Cortez. How they talk about their average Mestizo countryman is about as racist as you can get. Funny how the Open Borders's clowns never bring that up.

petty bourgeois (not verified)

Tue, 01/20/2009 - 13:57

Fred, no one here likes you. Please go start your own blog.

Mary (not verified)

Tue, 01/20/2009 - 15:55

I like Fred......Everyone is entitled to their own opinion...(at least right now.....)

Fred Dawes (not verified)

Wed, 01/21/2009 - 01:03

I love all of you keep the fight going for freedom and petty we know you work for the boys in ice And have been ordered to keep eyes on us all, much love.

petty bourgeois (not verified)

Wed, 01/21/2009 - 14:05

Great Mary. Maybe you and Fred can start your own blog of repetitious rants calling people of color "monkeys" and "rats." I'm sick of reading rhe same nonsenscial, racist rant over and over again. It's not an opinion. It's a form of racist Tourettes Syndrome. Fred, go post on your myspace page and keep your "monkey" comments to yourself. Please. Leave. Now.

Fred Dawes (not verified)

Wed, 01/21/2009 - 15:09

why do you care what i say little ICE girl petty? write about what is here on this blog, be good i still love you thank you for last night! much love and many ******&&^^%

petty bourgeois (not verified)

Wed, 01/21/2009 - 15:34

You an old, bitter, angry old man filled with hate Fred. I feel sorry for you.

Mary (not verified)

Thu, 01/22/2009 - 13:53

I didn't know this was your blog Petty? Rather presumptuous of you to decide who can post and who cannot. I guess the new deal coming will be to your liking then...... By the way the accusations you made about me are untrue. We can't all be as articulate and 'clean' as you.