Carlos Slim buys 6.4% stake in NYT

Considered to be the wealthiest man in the world, Mexican billionaire Carlos Slim has disclosed he and his family have bought 9.1 million shares of the New York Times Company – an equivalent of 6.4% of the company, worth $127 million.

According to the NYT, Carlos Slim has a history of buying “depressed assets he can later sell at a profit.” Analysts familiar with his investments say they see that same goal in the purchase of the Times Company stock. Could this be a good sign for the NYT, which has seen its stock drop from more than $40 a share in 2005 to less than $14 this week?