Carlos Slim, the Mexican billionaire, is in talks with the New York Times Company (NYTC) about a further investment in the troubled newspaper group owned by the Sulzberger family.

Mr Slim, who owns Telmex, Mexico’s former telephone monopoly, has a 6.4 per cent stake. A further deal will involve him increasing it but is not expected to end 112 years of Sulzberger family control.

One of the options is to issue preferred stock to the 68-year-old billionaire. It would have no voting rights but would pay an annual dividend. Preferred shares can be converted to common stock after a set period.

NYTC, which publishes The New York Times and The Boston Globe, has lost jobs, consolidated printing plants, put property and other assets up for sale and cut its dividend to try to make up for falling advertising revenue. NYTC said in December that it would not replace a $400 million (£270 million) credit facility that expires in May.

It was not clear how much Mr Slim would invest, having seen his existing stake halve in value as NYTC shares plunged. He seeks undervalued stocks and buys as an investment, rather than to take a management role.

The company is controlled by the Sulzberger family, who bought the title in 1896. The family holds majority ownership of a special class of super-voting shares. It is thought to favour a deal such as that being discussed with Mr Slim because it would not dilute shareholders or give away any control of the company.

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