Mexico’s richest man stands to make a considerable profit after selling off a portion of his New York Times stock, valued at around $240 million, Tuesday.
Since 2009, Mexican telecommunications billionaire Carlos Slim has been The New York Times’ largest shareholder. According to a report in The Hill, Slim provided a $250 million loan to the Times in an effort to help dig them out of the 2008 recession.
The Times paid the loan off six years ago, but Slim exercised his option on warrants to purchase Times shares at a discounted price.
Thanks to President Donald Trump, Times stocks have risen about 40 percent in 2017 alone. In July, the publication announced it had surpassed 3.3 million print and digital subscribers and doubled its digital base in the past two years alone, while the paper’s online content averages more than 140 million unique visitors per month, according to the company.
The selloff was made public in an appendix to a regulatory filing on Dec. 4 that was first reported by Bloomberg News on Tuesday. However, Slim, 77, appears to still be the second-largest shareholder of the Times. New York-based investment management firm BlackRock is now its largest, with a stake of 8.1 percent.
“Carlos Slim became a shareholder of The New York Times Co. at a critical time in the company’s history,” a Times spokeswoman said Tuesday. “We are grateful for Mr. Slim’s confidence and support of the company.”
The news comes days after Arthur O. Sulzberger Jr., 66, stepped down as publisher of The New York Times and passed the baton to his son, Arthur G. Sulzberger, 37.
The well-known newspaper has been in the Sulzberger family since 1896. Arthur O. Sulzberger Jr. took over from his father, Arthur “Pinch” Sulzberger, 25 years ago.
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