The world's second richest man and family business owner Carlos Slim Helu (pictured) has bought a stake in the New York Times newspaper group it has been revealed.
The Mexican, who has a net worth of roughly $60 billion, paid $127 million for a 6.4% stake. In doing so, he becomes the group's third largest shareholder behind hedge funds Harbinger Capital and Firebrand Partners. The latter, who were critical of the business's efforts to expand its online operations, are now represented on the company's board.
The Sulzberger family retains voting control through their class B shares and chairman Arthur Sulzberger has been reported to be considering taking the company private to escape the pressures and scrutiny of Wall Street.
In common with the rest of the industry the NYT is feeling the force of declining readership and advertising revenues and its shares have fallen 33% in the past year.
However, this has clearly not deterred Slim, who runs telecommunications empire Telmex with his sons. He has been increasing his interest in media companies of late and it will be interesting to see what he is aiming for by investing in one of the US' leading newspaper companies.