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NY Times Co. gets $250M from Mexican billionaire
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NEW YORK - The New York Times Co. says it has approved a $250 million investment by Mexican telecommunications billionaire Carlos Slim Helu.
The financing agreement is with Slim's companies Banco Inbursa and Inmobiliaria Carso for $125 million each.
The Times Co. has been struggling with faltering advertising sales and faces deadlines to repay hundreds of millions of dollars in debt.
Times President Janet L. Robinson says the cash infusion will be used to refinance existing debt, including some borrowed under a revolving credit line that matures in May. She says Monday's agreement provides the company with increased financial flexibility.
In September, Slim and his family bought 6.4 percent of the Times Co.'s publicly traded shares.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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