We've Got Hollywood Covered

Slim’s Pickins: Carlos Slim Buys More NY Times Stock

The Mexican telecommunications magnate has increased his stake in the company to 8.1 percent

Carlos Slim, the Mexican telecommunications magnate, has bought more shares of the New York Times, increasing his stake in the company to 8.1 percent.

This is the second time that Slim, the wealthiest man in the world, has expanded his holdings in the company in the last two months.

Slim’s gradual addition of shares has led to speculation at various junctures that he might be interested in taking over ownership of the “Gray Lady.”  

While Slim has denied those rumors, his involvement with the Times remains a subject of perpetual interest.

He also has the potential to buy a much larger share of the company. Back in January of 2009, Slim invested $250 million in the Times as it struggled with slumping advertising sales.

As part of that deal, he also received warrants to buy an additional 15.9 million shares.

Slim's investment caused a great deal of consternation about the Times’ future, but the paper has since assuaged some fears with better ad sales and, more recently, success with its paywall.

The stock had still lost more than a third of its value this year, though it rose 12 percent today.