Thursday, January 29, 2009

Mexican Billionaire "bails out" New York Times

(NY Times) What Does Carlos Slim Want With the NY Times? Critics Question What's Behind Mexican Billionaire's $250M Loan: He's the second-richest man in the world, after Warren Buffett -- worth $60 billion by Forbes' measure -- a man who parlayed Mexico's one-time state-owned telephone monopoly into a business empire so dominant that it accounts for a third of the value of the leading Mexican stock market, according to The Wall Street Journal. So, what does Carlos Slim want with The New York Times?

Mr. Slim threw the New York Times Co. a lifeline last week, lending it $250 million to refinance $400 million in debt coming due in May. It was the second major cash infusion in the Times in five months; in September Mr. Slim took a 6.9% stake in the company, an investment that has lost more than half its value since then.

Full Article Here


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