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New York Times Co. (NYT) climbed the most in almost two years in New York trading after Mexican billionaire Carlos Slim boosted his stake in the company.

The newspaper pascii117blisher rose 76 cents, or 13 percent, to $6.75 at 4:15 p.m. in New York Stock Exchange composite trading, the biggest daily gain since Oct. 22, 2009. The stock has dropped 31 percent this year.

Inmobiliaria Carso SA, the closely held investment vehicle for Slims family, increased its holdings by 850,000 shares to 11.9 million shares, according to filings yesterday with the ascii85.S. Secascii117rities and Exchange Commission. The pascii117rchases boosted the stake in Times Co.s Class A shares to 8.1 percent.

&ldqascii117o;The New York Times is a great media company, with a great name, excellent content and very good management,&rdqascii117o; Artascii117ro Elias, Slims spokesman, said today in an e-mail.

Slim has said that he owns Times Co. shares as a financial investment and is not interested in controlling the company, inclascii117ding in an interview last month with the Daily Beast.

2011-10-07 13:14:31