World's 3rd Richest Man and Family Take 6.4% of NY Times (Dinosaur Media DeathWatch™)

Editor & Publisher ^ | September 10, 2008 | Jennifer Saba

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Move over Warren Buffett. One of the world's richest men has decided to bet on newspapers, too. Mexican billionaire Carlos Slim Helú along with his family disclosed in a Securities and Exchange Commission filing that they now own 9,100,000 Class A shares or 6.4% of the New York Times Co.

The New York Times declined to comment.

This makes the Slim family one of the company's largest Class A shareholders along with Harbinger Capital Partners. Harbinger owns a 20% stake in the company and two seats on the board held by Scott Galloway, founder and CIO of Firebrand Partners, and James Kohlberg, chairman of the private equity firm Kohlberg & Co.

According to a 2007 article by Fortune's Stephanie N. Mehta, it's estimated that Slim has fortune close to $60 billion. She reports that Slims' family holdings represent 5% of Mexico's gross domestic product. Slim owns Teléfonos de México, which controls 92% of Mexico's phone lines and another company that commands roughly 70% of wireless market share, according to Fortune.

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This just in.

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ping

[Baladas]

I don’t understand - why would anybody invest in that old dying dinosaur?

[Moonman62]

This should be every bit as successful as his purchase of CompUSA.

[Nervous Tick]

>> I don’t understand - why would anybody invest in that old dying dinosaur?

He thinks he’s buying a megaphone, and influence in the US.

I hope he chokes on it.

[Norman Bates]

Isn’t Slim a Mexican lefty?

[xDGx]

Is ‘slim’ a family name?

[Baladas]

Oh, a Mexican Soros. Got it.

[Jack Deth]

Hi, Baladas:


I don’t understand - why would anybody invest in that old dying dinosaur?

My first guess.... Money laundering.


Jack.

[Cicero]

Exactly. Mexico is so poor, he needs to be certain that the New York Times will support unlimited amnesty.

Heavens forbid that he should use any of his $60 billion to start new businesses in Mexico that might employ a few people.

[FormerACLUmember]

Technical guide on how to invest money in the New York Times:

[LibLieSlayer]

To promote la raza and open borders.
The family is mexican.

LLS

[wardaddy]

he wants Rupert to go for it..

[clintonh8r]

Buying the stock that Americans just won’t buy......

[ken21]

slim’s compusa failed.

[Sooth2222]

"Pinch" needs to start sleeping with his good eye open.

[RJL]

Exactly. Mexico is so poor, he needs to be certain that the New York Times will support unlimited amnesty.

Illegals are very important to Slim.

Slim's Teléfonos de México controls 92% of the country's phone lines. A report I read said that the Mexican government/Slim have some charge on phone calls from the US to Mexico that is ten times higher than anywhere else in the world.

When you have a corrupt government on your side it's easy to gather wealth.

[RedMonqey]

Slim?

The REAL Slim Shady?

[RedMonqey]

To promote la raza and open borders. The family is mexican.

He's thrown away good pesos.

The NYTs ALREADY supports those issues, Hahaha

[RedMonqey]

"Pinch" needs to start sleeping with his good eye open.

Please tell me somebody gave him a well deserved punch in the face and let it be McCain.

Please:-)

[LibLieSlayer]

Not on the front page above the fold... but they will now.

LLS

[Balding_Eagle]

My first guess.... Money laundering.

Most logical guess so far.

This may be why Mexcan trucs were allowed on our roads, they sent one full of $5 bills with white powder on them to the NYT building to pay for the shares.

[politicalwit]

Tax write-off. A loss is a loss is a loss.

[Roy Tucker]

How do you say “Sucker!” in Spanish?

At least it reduces our current account deficit.

[MARTIAL MONK]

His long lost brother posts here. (He is my bestest friend and he is going to loan me lunch money for tomorrow)

[expatpat]

Which class stock is the real voting stock?

[ConservativeMind]

Don’t you see? It’s just a temporary dip.

[TigerLikesRooster]

I think he is buying respectability in U.S. Slim is a Mexican Soros. He will repackage himself as a progressive. He will push all kinds of feel-good agenda. Yes, he could go for amnesty, too.

[xDGx]

Did Pinch get that shiner from Obama’s weiner?

[Truth is a Weapon]

If he turns it into a Spanish only publication we will all be better off.

[ikka]

Slim's Teléfonos de México controls 92% of the country's phone lines

Every other telephone company in the world does "six second billing" meaning, pricing is per each six seconds of phone time; that is, each minute (60 seconds) is billed in tenths of a minute (6 seconds) increments.

Except for Mexico, where you are forced to be billed in 60-second increments. Thus, a caller to Mexico is forced to pay for (on average) 30 seconds of phone time that they never actually USE.

[martin_fierro]

Is ‘slim’ a family name?

You betcha.

[montag813]

Buffett is a liberal so this suits his disposition.

[RJL]

Every other telephone company in the world does "six second billing" meaning, pricing is per each six seconds of phone time; that is, each minute (60 seconds) is billed in tenths of a minute (6 seconds) increments.

Except for Mexico, where you are forced to be billed in 60-second increments. Thus, a caller to Mexico is forced to pay for (on average) 30 seconds of phone time that they never actually USE.

Thank You for posting this information.

[RedMonqey]

Maybe they'll do it en Español as well /s

[LibLieSlayer]

Good one!

LLS

[RedMonqey]

Thank you;-)

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http://www.nytimes.com/2008/09/11/business/media/11times.html?_r=1&ref=business&oref=slogin
Mexican Billionaire Buys a 6.4% Stake in Times Company

[Tijeras_Slim]

Is ‘slim’ a family name?

You got a problem with that?

[xDGx]

Easy there. It’s also a descriptive suffix in the Old West, among other places. If his last name was “fats” I would have asked if he was a pool player.

Recalibrate your humor meter. ;)