Mexican mogul interested in NYT shares

The cash-strapped New York Times Co. is talking to Mexican billionaire Carlos Slim about investing in the struggling company.

Considered to be the world’s second-richest person with $60 billion, Slim bought a 6.4 percent common share stake in the Times Co. in September for about $118 million. The Wall Street Journal said the telecommunications tycoon is interested in gaining a larger share of the company, the New York Post reported Sunday.

The Post reported that Slim, 68, is discussing a large purchase of preferred shares. The newspaper said any stock purchase would likely need the consent of the Sulzberger family, which controls the company through its ownership of preferred shares.

The Times is seeking to raise cash because a $400 million credit line expires in May.

Slim already controls Telmex, which handles about 90 percent of Mexico’s land-based telephone service, and Telcel, which has an 80 percent market share on the country’s cell phone business.