NY Times hurting for money
In 2008 two hedge funds, Harbinger Capital and Firebrand Partners, bought 19% of The Times. On September 10, 2008, it was reported that Mexican Carlos Slim, one of the world's wealthiest men, had acquired a 6.4 percent stake for $120 million. These moves are seen as putting increasing pressure on the company, whose advertising and circulation have faltered recently. In some circles the bold move by Slim, known as a canny investor, is seen as signaling that the company's assets might be undervalued—as some believed Dow Jones' were when Rupert Murdoch acquired it. The downturn in print advertising sales has recently spread to the internet, and some observers speculate that the recent acquisitions of Times Company stock might put increasing pressure on the family to sell, or take the company private to escape Wall Street's unwanted attention.
