Mexico's Slim owns 6 percent of New York Times

Mexican telecommunications tycoon and billionaire Carlos Slim has bought a 6.4 percent stake in The New York Times Co. Asked why he bought the stake, Slim, who has U.S. assets in retail, told reporters in Mexico City, "It's financial," indicating he was not making a strategic move into U.S. media. He declined to say how much he paid or whether he would increase his stake. Slim's telephone company Telmex, a former state-owned monopoly, has 90 percent of Mexico's 20 million fixed phone lines. His America Movil is Latin America's biggest mobile phone company with operations from Mexico to Brazil.