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Mexican zillionaire invests USD 250 mln in New York Times

20 January 2009 08:57 (UTC +04:00)

New-York- APA. The New York Times Co. said it will get a $250 million investment from one of the world’s richest men, Mexican billionaire Carlos Slim, a move that will give the company much-needed time to clear financial hurdles, APA reports.
Slim, 68, who already owns 6.9 percent of the Times’s stock, will receive warrants in the company that could give him an eventual 17 percent interest in the publisher.
That would make him one of the largest shareholders in the venerable newspaper publisher, following the Ochs-Sulzberger family that has controlled the company for more than 100 years. It is unclear what Slim’s eventual aim is with the company.
The investment comes at a critical time for The New York Times. The company, which owns the namesake newspaper as well as The Boston Globe and other local U.S. papers, is struggling to pay off more than $1.1 billion in debt in the next few years, even as advertising revenue deteriorates.