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.