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December 2, 2008 8:24:31 PM CST

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Mexican Media Tycoon Buys 6.4% of New York Times

Posted Sep 11, 08 8:09 AM CDT in Business 

(Newser) – The world’s second-richest man, Mexican media tycoon Carlos Slim, has purchased a 6.4% stake in the New York Times Company. He says the buy was a purely financial—not strategic—move, but analysts say he may be positioning himself to make a play for the Gray Lady, reports Bloomberg. A Slim spokesman describes the struggling newspaper company as a “an attractive value,” adding, "The door is always open to assess whether we will buy more.''

"He either wants to own it outright or try to steer it in a different direction,'' an analyst tells Bloomberg. "The issue is the Sulzberger people not wanting to give up control.'' Another says Slim may be betting on a third party acquisition: "He might be playing it for someone else to take it out.'' The purchase makes Slim the third largest shareholder outside the Sulzberger family.

Source Bloomberg

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A security guard is reflected in the glass doors of the New York Times building in New York, Thursday, July 10, 2008.   (AP Photo/Ed Ou)
Mexican businessman Carlos Slim speaks during a meeting with Mexican engineers in Mexico City, Tuesday, Jan. 29, 2008.   (AP Photo/Eduardo Verdugo)
Carlos Slim, Chairman of Grupo Carso S.A. de C.V., speaks during a panel discussion at the Clinton Global Initiative Annual Meeting, Thursday, Sept. 27, 2007, in New York.   (AP Photo/Jason DeCrow)
A lamp at the entrance to the old New York Times building is shown in this July 18, 2006 file photo.   (AP Photo/Mark Lennihan, file)
Taxis pass The New York Times building on Tuesday, March 18, 2008.   (AP Photo/Mark Lennihan)
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