Times mulling investment from Slim

Paper considers $250 million offer

With an eye toward the foundering ad market and the expiration of a $400 million credit facility coming in May, the New York Times Co. is considering an investment offer of $250 million from Mexican billionaire Carlos Slim.

The Times board convened Monday; if the deal is approved, an announcement is expected today.

The deal would mark Slim’s second massive cash infusion into the troubled broadsheet in the past six months. In September, he acquired 9.1 million shares, or 6.4%, of New York Times stock for some $127 million. Since then, New York Times shares have plummeted 52%, reducing the value of Slim’s holding to roughly $58 million.

According to the Times’ own report, Slim’s prospective additional investment “resembles a loan” in that it would involve a guaranteed annual yield of up to 10%. It also would include warrants that would be convertible into common shares. The exercise of those warrants would give Slim roughly a third of the common stock, making him the single largest Times shareholder. He is already the company’s third-biggest investor.

However, Slim is not expected to gain representation on the company’s board, and his piece of the Times pie would not include any of the “special” voting shares held by the Sulzberger family.

More Biz

  • NFL Will Fine Players for Kneeling

    NFL Will Fine Teams if Players Don't Stand for National Anthem

    With an eye toward the foundering ad market and the expiration of a $400 million credit facility coming in May, the New York Times Co. is considering an investment offer of $250 million from Mexican billionaire Carlos Slim. The Times board convened Monday; if the deal is approved, an announcement is expected today. The deal […]

  • A man watches a baseball game

    The Big Gamble: Is Sports Betting Really a $7 Billion Media Windfall?

    With an eye toward the foundering ad market and the expiration of a $400 million credit facility coming in May, the New York Times Co. is considering an investment offer of $250 million from Mexican billionaire Carlos Slim. The Times board convened Monday; if the deal is approved, an announcement is expected today. The deal […]

  • Leslie Moonves

    CBS Amends Lawsuit Against National Amusements, Claims Bylaw Changes Are Invalid

    With an eye toward the foundering ad market and the expiration of a $400 million credit facility coming in May, the New York Times Co. is considering an investment offer of $250 million from Mexican billionaire Carlos Slim. The Times board convened Monday; if the deal is approved, an announcement is expected today. The deal […]

  • Univision logo

    Univision Plans to Name Vince Sadusky CEO (Reports)

    With an eye toward the foundering ad market and the expiration of a $400 million credit facility coming in May, the New York Times Co. is considering an investment offer of $250 million from Mexican billionaire Carlos Slim. The Times board convened Monday; if the deal is approved, an announcement is expected today. The deal […]

  • Comcast

    Comcast Says It's Ready to Outbid Disney for 21st Century Fox

    With an eye toward the foundering ad market and the expiration of a $400 million credit facility coming in May, the New York Times Co. is considering an investment offer of $250 million from Mexican billionaire Carlos Slim. The Times board convened Monday; if the deal is approved, an announcement is expected today. The deal […]

  • Pokemon World Championships

    Japan's Imagica Robot Holdings to Be Renamed Imagica Group

    With an eye toward the foundering ad market and the expiration of a $400 million credit facility coming in May, the New York Times Co. is considering an investment offer of $250 million from Mexican billionaire Carlos Slim. The Times board convened Monday; if the deal is approved, an announcement is expected today. The deal […]

  • PHILIP ROTHF.SCOTT FITZGERALD

    Pulitzer Prize-Winning Author Philip Roth Dies at 85

    With an eye toward the foundering ad market and the expiration of a $400 million credit facility coming in May, the New York Times Co. is considering an investment offer of $250 million from Mexican billionaire Carlos Slim. The Times board convened Monday; if the deal is approved, an announcement is expected today. The deal […]

More From Our Brands

Access exclusive content