Mexican Telco Tycoon Buying Up New York Times

Goldman analyst Peter Appert called newspapers “value traps”, but Mexican teleco tycoon, Carlos Slim is snapping up shares of the New York Times. He says he doesn’t have a position in the Harbinger v. Times Board struggle and that “there is no strategy” to his investment. Translation: He just wants to make money.

FT: Mexican telecommunications tycoon Carlos Slim Helú, the world’s second richest man, has become the third largest outside shareholder of the New York Times, after reporting a 6.4 per cent stake worth $127m.

Arturo Elías Ayub, Mr Slim’s son-in-law and the communications director of Mr Slim’s Carso Group, told the FT on Wednesday that they started buying the stock a month or so ago, and declared their holding when it rose above 5 per cent, in accordance with SEC rules.

“The investment is purely financial,” he said. “It’s a great company, the price is cheap and it gives a good dividend.”

We value your support, Mr. Slim!  We can’t help noticing you started purchasing stock around the time we made our offer for the New York Times Company. We look forward to working with you!

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