Mexican investor Carlos Slim Helu, one of the three richest people in the world, has bought 6.4% of The New York Times Co. common stock. Slim, who once purchased 13% of stock in MCI and sold it to Verizon for $1.3 billion, “has a nearly unerring eye for distressed companies that later deliver huge returns,” according to a report in Editor & Publisher.
In other Times-related news, Rupert Murdoch says he doesn't “think for a minute that [The Wall Street Journal is] going to put the Times out of business, and comments that Times publisher Arthur Sulzberger “didn't want any white, heterosexual men hired” for five years. Meanwhile, The New York Observer cites an unnamed source in reporting that Sulzberger believes he can save $4 million to $5 million a year by eliminating a few standalone sections.
Critics blast the Rocky Mountain News for Twittering from a 3-year-old's funeral.
ABC News on Campus launches.
Sam Zell is rumored to be interested in The San Diego Union-Tribune.
The Orange County Register considers going tabloid.