Posted on 01/14/2015 10:49:30 PM PST by Bratch
Mexican telecom mogul Carlos Slim Helu now owns more of the New York Times Company than does the Sulzberger family, which has controlled the venerable news provider since 1896. Slim became the dominant investor today after paying $101.1 million to exercise warrants that boosted his ownership of Class A shares by 11.9 million to 27.8 million, equal to 16.8% of the voting stock, the company says. The billionaire acquired the warrants in 2009 when he bought $250 million of the Times’ notes. The investment helped see the company through a dark period as print ads fell, and it had to invest in its digital platform. The terms guaranteed Slim a sweet return of 14% a year; the company repaid the loan in 2011.
(Excerpt) Read more at deadline.com ...
May he lose a lot of money.
Somebody made the observation that the NYT is on some of the most valuable real estate in the world. If he buys the newspaper, he will also own the building.
That's what Slim did with "Circuit City", bought them, shut them down and sold the properties.
lol
That must be his reasoning. Buy a dying company, property and all, shut down , or transfer online and dramatically downsize employee numbers, then sell the property for a quick and easy profit. I hope he doesn’t fail.
Won’t be seeing a lot of articles critical of the Mexican Drug Cartels, will we...
He won’t lose money on it.
Its not there to make money itself.
Its to help give him political cover so he can make money elsewhere. The NYT is a political asset.
That’s the media game these days.
Nope, he has better uses for it.
There are times when a legend, one that has been both celebrated and feared comes to a very humble close. It’s happened with historic battleships, and bridges that may have helped to win war, and end up being ‘sold’ for a dollar, less even than the $24. in trinkets the Indians are said to have accepted as payment for Manhattan Island.
The New York Times Building
http://en.wikipedia.org/wiki/The_New_York_Times_Building
Has nothing to do with drugs. He has telecom monopolies.
The Times Company owns 58 percent of the building with a property management company owning 42 percent. The land it sits on is not owned by the Times but leased for 99 years.
“Has nothing to do with drugs. He has telecom monopolies.”
And he’s NOT Hispanic. His parents both came from Lebanon.
That’s right, he’s from the Catholic Lebanese immigrant community, an interesting bunch. His lot were in Mexico quite a long time, on his mothers side at least third generation.
He is a classic corporatist player, using money to buy political influence and using political influence to make more money. The NYT is a productive tool in the “political influence” part of that spiral, not directly the “make money” part.
Indeed to previous posters who said this isn’t about making a profit off the newspaper.
It is about having a huge means of guiding public opinion in the USA. He believes he will get his money back, and more, by using it to ‘force’ politicians and the peasants of the nation into doing what he wants
At least it wasn’t Carlos Danger...
New NYT motto...’badges?...we don’t need no stinking badges’
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