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

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.

Sun, 01/18/2009 - 13:16 · Importance: 4