Slim Rumor Takes New York Times Stock on Fat Ride

Reports of billionaire buying company sends stock up

Last Updated: March 1, 2010 @ 10:15 PM

Carlos Slim is not buying the New York Times Company. At least not yet.

But rumors that the Mexican telecom billionaire investor and major Times shareholder was considering a bid sent the company’s stock on a bit of a ride on Monday.

Shares shot up 12 percent on talk of a potential Slim bid, and then fell when the 70-year-old tycoon’s spokesperson denied it, saying Slim wasn’t interested in buying the company.

The stock still closed up about 8 percent, or $11.75 per share.

Slim owns about 7 percent of New York Times Co. – 9,854,000 shares — which he bought in 2008. Last year, he loaned the Times $250 million to help pay off its then $1.1 billion debt.

Which means today’s little rumor earned him – admittedly rough math here — $8,375,900.