 Carlos Slim |
Mexican billionaire Carlos Slim has sold half of his 17 percent stake in the New York Times Co., reaping a hefty profit on his investment.
He first moved into NYTC stock in 2008 during the financial meltdown, which hammered the price of media stocks.
Slim extended a $250M loan to the company in 2009, the year in which shares of the NYTC sank below $5 a-share.
NYTC stock closed yesterday at $18.65 and has traded in the $13 to $20.15 range during the past 52 weeks.
A spokesperson for Slim declined to disclose to the Financial Times how much money the billionaire made on his NYTC investment.
The NYTC noted that Slim made his investment "at a critical time in the company's history" and thanked him for his confidence and support.
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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