New York Times Co. climbed the most in almost two years in New York trading after Mexican billionaire Carlos Slim boosted his stake in the company.
The newspaper publisher rose 76 cents, or 13 percent, to $6.75 at 4:15 p.m. in New York Stock Exchange composite trading, the biggest daily gain since Oct. 22, 2009. The stock has dropped 31 percent this year.
Inmobiliaria Carso SA, the closely held investment vehicle for Slim’s family, increased its holdings by 850,000 shares to 11.9 million shares, according to filings yesterday with the U.S. Securities and Exchange Commission. The purchases boosted the stake in Times Co.’s Class A shares to 8.1 percent.
“The New York Times is a great media company, with a great name, excellent content and very good management,” Arturo Elias, Slim’s spokesman, said today in an e-mail.
Slim has said that he owns Times Co. shares as a financial investment and isn’t interested in controlling the company, including in an interview last month with the Daily Beast.