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Mexican billionaire Carlos Slim is going to cut his stake in New York Times Company, Bloomberg News reported.
Bloomberg said Slim's company sold $250 million of trust securities to hedge funds earlier this month, which gives the buyers "a claim on" 9 percent position in the media company, according to a person with knowledge of the matter.
The report said the trust securities will convert into New York Times shares in three years. Following the conversion, Slim will own 8 percent of the company.
"In essence, the billionaire created a trust, pledged New York Times shares to it, locked the shares up for three years, then sold rights to that stock to investors," the article said.
Slim owned 17 percent of the company as of July 28, according to FactSet.
A New York Times spokesperson sent the following statement when asked for comment for this story:
"Carlos Slim became a shareholder of The New York Times Company at a critical time in the company's history. The company today has a strong balance sheet and strongly growing digital revenues. We are grateful for Mr. Slim's confidence and support of the company."
CNBC has confirmed the transaction.
New York Times' stock traded roughly flat Tuesday.
— CNBC's Michelle Caruso-Cabrera contributed to this report