Breaking News - the Mexican billionaire Carlos Slim and his family have amassed a sizable 6.4% stake in the New York Times Co.
Whats this all about?
Maybe this is another example of the mega rich buying into newspapers for vanity reasons? Slim is certainly rich! In fact Forbes have him down as the richest man in the world (ahead of Gates & Buffett)and they say he worth worth $60 billion.
Somehow I doubt this is vanity. Slim is really really rich and really clever. He isnt flashy. In fact he allegedly lives rather quitely etc. More importantly he also owns most of the major media (and telecoms) in Mexico and beyond in South America.
So I suggest this is strategic.
He (like Rupert Murdoch) sees real future value in the great newspaper brands. He recognises that the NYT is a major media asset that is not only available today but at a knock down price.
The newspaper industry needs more investors like Murdoch and Slim. Men who see value in the brands and the medium and know they can run the businesses better and sustainably now and long into the future........