El Nuevo York Times

Throwing good money after bad:

MEXICO CITY (AP) -- A Latin American billionaire looks to expand his empire in the United States in a deal that could make him the largest shareholder of The New York Times Co.

The $250 million investment by Mexican tycoon Carlos Slim could provide some synergies with his telecommunications holdings in Latin America, analysts say.

Perhaps more importantly, Slim, reputed to be the world's second-richest man, would gain the prestige of owning one of the world's best-known and most influential newspapers.

"By having a stake in the New York Times, he's basically projecting himself as a powerbroker in this country, regardless of how his investment does," said Armand Peschard-Sverdrup, a senior associate of the Center For Strategic and International Studies, a Washington think tank.

He won't be the world's second richest man for long if he keeps making investments like that.