World's 3rd Richest Man and Family Take 6.4% of NYT

Posted Wednesday, September 10, 2008 12:00 am

By: Jennifer Saba Move over Warren Buffett. One of the world's richest men has decided to bet on newspapers, too. Mexican billionaire Carlos Slim Hel? along with his family disclosed in a Securities and Exchange Commission filing that they now own 9,100,000 Class A shares or 6.4% of the New York Times Co.

The New York Times declined to comment.

This makes the Slim family one of the company's largest Class A shareholders along with Harbinger Capital Partners. Harbinger owns a 20% stake in the company and two seats on the board held by Scott Galloway, founder and CIO of Firebrand Partners, and James Kohlberg, chairman of the private equity firm Kohlberg & Co.

According to a 2007 article by Fortune's Stephanie N. Mehta, it's estimated that Slim has fortune close to $60 billion. She reports that Slims' family holdings represent 5% of Mexico's gross domestic product. Slim owns Tel?fonos de M?xico, which controls 92% of Mexico's phone lines and another company that commands roughly 70% of wireless market share, according to Fortune.

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World's 3rd Richest Man and Family Take 6.4% of NYT

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