Mexican multibillionaire Carlos Slim became the largest shareholder in The New York Times Company Wednesday after opting to double his stake.

The New York Times Company revealed "that entities affiliated with Carlos Slim Helú have exercised in full warrants to acquire 15,900,000 shares of the company's Class A common stock at an exercise price of $6.3572 per share." In layman's terms, Carlos Slim doubled his previous stake in the company to 16.8 percent, making him the largest shareholder of the conglomerate that includes the prestigious New York Times and, until 2012, the Boston Red Sox.

"We believe a share repurchase program in this instance is an appropriate use of the cash proceeds we will receive upon the exercise of the warrants and the issuance of the Class A shares," president and CEO of the New York Times Company Mark Thompson said in a press release. "We believe it is in the best interests of the company to continue to maintain a conservative balance sheet and a prudent view on the allocation of free cash flow, and this one-off repurchase program should not be viewed as a change of position about our capital allocation plans."

Carlos Slim, the Mexican telecommunications mogul, is one of the richest men the planet. Although not listed on top of Forbes' list with his current net worth of $73 billion (Bill Gates is the head honcho with $80 billion), Slim has held the mantle in previous years. In 2009, Slim lent the Times Company $250 million, and, although the loan was paid off more than three years before its due date in 2011, Slim still had the option to exercise the warrants that now give him close to 17 percent in the company.

"The option is a lower price," Slim told Reuters last July. "I'm sure we should exercise the option, but we look at it like a financial investment that has been very good."

The Times Company reports in its press release that it has struggled in recent years capturing the financial intricacies of the digital wave's crest in journalism. Major sources of revenue such as print advertising have gone down and despite digital subscriptions on the rise, new forms of journalism social media-driven news outlets have hurt The Times Company in the market. It is unclear what kind of changes Slim plans to implement, if any.

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