Carlos Slim Becomes Largest Individual New York Times Shareholder

Mexican billionaire Carlos Slim became the largest individual shareholder in New York Times Company after exercising warrants that more than doubled his stake in the media company to 16.8%.

Slim, 74 years old, received the warrants in 2009 when he lent the Times $250 million to help it deal with sharp declines in advertising revenue and mounting debt at the height of the economic crisis. That deal has been paying off handsomely for Slim. The Times paid him back in 2011, three and half years before his loan was due, as its financial health improved. Slim received $122 million in interest payments plus a premium for early repayment of the loan. In exercising the options, Slim spent $101.1 million to acquire 15.9 million Class A shares at $6.36 per share, a significant discount to the market price. New York Times shares closed Wednesday at $12.28. He now holds a total of 27.8 million shares valued at $341.4 million at Wednesday’s closing price. Before the move, Slim controlled just under 8% of the Times.