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The Mexican Billionaire and the Old Gray Lady
By
Jen Chung
Published Jan 18, 2009
Modified Jan 18, 2009
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By
Jen Chung
Published Jan 18, 2009
Modified Jan 18, 2009
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The Wall Street Journal reports the NY Times Company is in talks with Mexican billionaire Carlos Slim about increasing his investment in the company. While it's unclear whether a deal will be made, one option is that "the Times Co. would issue Mr. Slim preferred stock, which carries no voting right but pays an annual dividend, in return for his investment"—in other words, it would be a loan. The NY Times Co.'s financial woes have been more publicized in recent months: It took a $225 million mortgage on its headquarters, is putting up its share of the Red Sox for sale, and started putting ads on page A1; the Post eagerly adds that the Times' "$400 million credit line expires in May." (The Post also loves the Times' apparent whining re: Obama access.) Slim is the second richest person in the world after Warren Buffett; a NY Times Co. special board meeting to discuss the matter is planned for this week.
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carlos slim
media
ny times
NY Times Company
recession
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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