Mexican billionaire Carlos Slim has bought a 6.4% stake in The New York Times Co, publisher of one of the most prestigious US daily newspapers.
Slim, the second wealthiest person in the world based on a ranking by Forbes magazine, confirmed the news through a spokesman for Telmex, the Mexican telecoms giant he controls.
The disclosure was also in a regulatory filing with the US Securities and Exchange Commission.
Slim's spokesman said the stake was 'a financial investment like many others by the Slim family', and that he had no intention of becoming involved in management of the newspaper group.
With the move, Slim becomes the largest holder of Class A shares, which are in a separate category from those held by members of the controlling family of the company.
Slim's fortune is estimated at $60 billion, according to Forbes, and his activities represent around 6% of Mexico's gross domestic product.
Like many newspaper firms, the Times has been under pressure because of a loss of advertising revenues to the internet.
