Mexican Media Tycoon Buys 6.4% of New York Times

Experts speculate Carlos Slim may be looking to buy or control media company
By Jim O'Neill,  Newser User
Posted Sep 11, 2008 8:09 AM CDT
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)
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(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.