August 2, 2017 / 8:01 PM / a year ago

Mexican tycoon Slim sells some shares in the New York Times

MEXICO CITY, Aug 2 (Reuters) - Mexican mogul Carlos Slim sold off a small portion of his 17 percent stake in the New York Times Co last week, capitalizing on the stock’s considerable rally this year.

Slim sold 521,500 shares of the stock on July 28, yielding about $10 million, according to a filing with the U.S. Securities and Exchange Commission.

Slim unloaded the shares a day after the newspaper publisher reported its second-quarter earnings, announcing that its digital subscription revenue had eclipsed print advertising revenue for the first time. Shares soared as much as 7 percent on the news, reaching their highest point since 2008.

Slim is the largest shareholder in the newspaper company, although a majority of its voting shares remain in the hands of the Sulzberger family, which has controlled the paper for more than a century. Slim loaned the company $250 million in 2009 at the height of the financial crisis and doubled his stake in 2015.

The cornerstone of his empire is America Movil, Latin America’s largest telecommunications firm by number of subscribers.

A spokesman for Slim did not immediately respond to a request for comment. (Reporting by Julia Love; Editing by Christian Plumb and Jonathan Oatis)

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