Thursday, September 11, 2008

Mexico's Slim owns 6 percent of New York Times

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By Robert MacMillan

NEW YORK (Reuters) - Mexican telecommunications tycoon and billionaire Carlos Slim has bought a 6.4 percent stake in The New York Times Co, the newspaper publisher said on Wednesday.

Slim, the world's second-richest man according to Forbes magazine, is the second prominent investor this year to buy a piece of the U.S. company, which publishes The New York Times, the Boston Globe and smaller daily newspapers.

Asked why he bought the stake, Slim, who has U.S. assets in retail, told reporters in Mexico City, "It's financial," indicating he was not making a strategic move into U.S. media.

He declined to say how much he paid or whether he would increase his stake.

Slim -- 68, a son of a Lebanese immigrant, and a rare billionaire who eschews private jets, yachts and other executive trappings -- has an estimated net worth of $60 billion, according to Forbes, That is behind only Berkshire Hathaway Chief Executive Warren Buffett's $62 billion.

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If the Arab Emirate Royal Family of Dubai can be in a commercial business deal with the CRA/LA City Council and Board of County Stupidvisors, why not this? And remember, it's always merely about the investment. Not where the profits go, or content control, or anything like that. These out of country investors involved in business deals with local, county and state governement, or the most influential newspaper in the world KEEP ON REMINDING YOU...they don't care about having any input in their investment. Of course they also never want to invest in a "business development zone" or affordable housing.

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