Slim buys New York Times stake

Telecoms billionaire Carlos Slim is expanding his vast empire

Mexican billionaire Carlos Slim has bought a 6.4% stake in publisher of the New York Times, according to a US regulatory filing.

The telecoms tycoon, dubbed the world's second-richest man by Forbes Magazine, is the second major investor this year to buy into the struggling media group.

Shares in the New York Times Company have fallen 33% over the last year.

Mr Slim's acquisition of 9.1 million shares means he and his family are the firm's third-largest investors.

Other key shareholders are the Sulzberger family - who own a controlling stake - and two hedge funds which bought stakes earlier this year.

Mr. Slim and the hedge funds, Harbinger Capital and Firebrand Partners, collectively hold more than 30% of firm's Class A shares. The Sulzberger family own 19%.

But the Sulzbergers, led by company chairman Arthur Sulzberger, control the publisher because they own nearly all of the firm's Class B shares, giving them the power to appoint most of the board.

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