Thread: NY Times gets $250 million bailout from Mexico

NY Times Co. Gets Infusion of Cash from One of World’s Wealthiest

Mexican billionaire Carlos Slim Helu is investing $250 million in The New York Times Co., the company said in a statement today (Monday).

Mr. Slim, one of the wealthiest men in the world, already owns 6.9% of the Times Company. He will invest the money in the form of six-year notes with warrants that are convertible into common shares; the company will use the money to refinance its existing debt, writes The New York Times.

The New York Times Company has approaching deadlines to pay off $1.1 billion in debt in the next few years, and one of its two $400 million revolving credit lines is set to expire in May. It has put its stake in the Boston Red Sox up for sale and plans to borrow as much as $225 million against its new Manhattan headquarters.

Mr. Slim will gain no representation on the company’s board, nor will he gain special voting rights like the Sulzberger family has. Still, when he exercises the warrants, he will own up to 17% of the common shares outstanding. The Sulzbergers own about 19%.

“They need all of the fuel they can get to keep going,â€

GOOD, some money of Mexico's coming here! It's about time.
I hope he loses the whole WAD! May his investment go belly-up.

NYT...soon to be the official mouth piece of mexico!

Originally Posted by NoBueno

NYT...soon to be the official mouth piece of mexico!

Haven't they already been? They certainly haven't been the mouthpiece of American citizens

Originally Posted by cvangel

Originally Posted by NoBueno

NYT...soon to be the official mouth piece of mexico!

Haven't they already been? They certainly haven't been the mouthpiece of American citizens

True CV...I would expect the rhetoric to esclate a notch or two now that it has been bought and paid for by mexico.