New York Times Co. shares up on news of new billionaire stakeholder

MarketWatch reports that Carlos Slim, a Mexican billionaire and, according to Forbes, the world's second-richest man, has acquired a 6.4 percent stake in New York Times Co. Shares of the company rose 9.1 percent on news of the purchase.
Slim now owns 9.1 million Class A shares. Class A shares come with voting rights that allow shareholders to vote for four board directors. New York Times Co.'s Class B stock, which entitles shareholders to vote for the remaining nine directors, is owned primarily by the Ochs-Sulzberger family.
As the company struggles to recover from losses in print revenues, private-equity firms have taken an active interest in the struggling New York Times Co. over the past year. In some cases, investors have purchased shares in an effort "to pressure the company to take more aggressive actions to placate shareholders during a difficult time for newspapers."

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