Mexican billionaire Carlos Slim doubled his investment stake in the New York Times Co. to about 17 percent, making him the biggest owner of the parent of the New York Times.
The 74-year-old Slim exercised warrants purchased in 2009, which helped the media company survive the global financial collapse.
He has maintained a passive ownership position and promises to continue to do so.
"We continue to have confidence in the management, we think they're doing things well," he said in a statement that called the Times "a valuable brand."
NYTC CEO Mark Thompson said Slim's increased investment is "in the best interests of the company." This "one-off purchase program should not be viewed as a change of position in our capital allocation plans."
Slim controls the biggest telecommunications company in Latin America and has interests in mining, banking, construction, real estate and auto parts.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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