Mexican billionaire Carlos Slim Helú, who bailed out the New York Times Co. with a $250 million loan during the financial meltdown, is about to reap his reward.
The world's second-richest man is set to exercise warrants that will allow him to buy nearly 8 million shares at roughly half the price of the stock's current value, Bloomberg News reported.
Entities controlled by Slim can purchase 7,950,000 Class A shares at $6.3572 a share, regulatory filings show. If he exercises the options by their Jan. 15 deadline, Slim would boost his stake to about 27.8 million Class A shares, or just under 17 percent of the outstanding shares.
The stock closed up 18 cents at $12.75 on Tuesday.
Slim intends to hold onto the shares rather than flipping them for a quick profit, Bloomberg reported on Tuesday, citing a person with knowledge of the matter. That would make him the company's single largest shareholder.
The Times declined to comment. Representatives for Slim did not return calls.
Already Slim has made a nice profit on the original loan, which carried a hefty 14 percent interest rate in 2009. The Times repaid the money in 2011.
While the financial crisis has passed, the past 12 months have been turbulent for the Gray Lady.
In May, publisher Arthur "Pinch" Sulzberger Jr. fired executive editor Jill Abramson and replaced her with then managing editor Dean Baquet. Shortly thereafter, Baquet was diagnosed with cancer, which delayed his filling out the masthead.
He returned after treatment only to be confronted with another round of layoffs. The Times just cut 110 newsroom jobs as rising digital revenue has yet to offset the decline in print advertising.
Despite its successful metered paywall, the Times conceded that some of its digital efforts are not working and shuttered several projects.
Executive have hinted that new sections are on the way. The Times plans to start a monthly men's style section that will be overseen by Stuart Emmrich, who is already oversees the Styles section that runs on Thursdays and Saturdays, Capital New York reported on Tuesday.
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