Carlos Slim Plans to Slash New York Times Holdings
- Mexican billionaire’s stake would be reduced to 8% from 17%
- Structure of sale is said to create tax benefits for Slim
The New York Times Co. offices in New York, U.S.
Photographer: Bloomberg/BloombergThis article is for subscribers only.
Billionaire Carlos Slim is planning to sell more than half of his 17 percent stake in the New York Times Co. to U.S. hedge fund investors, reducing his sway over one of the world’s most influential publishers.
Slim’s businesses earlier this month sold $250 million of mandatory exchangeable trust securities in a private offering that gives the buyers a claim on a 9 percent stake in the New York Times, according to a person with knowledge of the matter. The newspaper’s shares have surged more than 50 percent since Slim boosted his stake in 2015 and became the biggest shareholder.