Carlos Slim plans to slash New York Times holdings

Billionaire Carlos Slim is planning to sell more than half of his 17 per cent stake in The

New York Times to US hedge fund investors, reducing his sway over one of the world’s most influential publishers. Slim’s businesses earlier this month sold $250 million of mandatory exchangeable trust securities in a private offering that gives the buyers a claim on a 9 per cent stake in the New

York Times, according to a person with knowledge of the matter. The newspaper’s shares have surged more than 50 per cent since Slim boosted his stake in 2015 and became the biggest shareholder.