The New York Times is getting a very generous helping hand!
The newspaper of record is receiving a $250 million investment from Mexican billionaire Carlos Slim Helú.
Slim currently owns 6.9% of the Times‘ stock. He’ll now receive warrants in the company, which could give him up to 17% ownership, making him one of the largest shareholders.
The New York Times Co. also owns The Boston Globe along with other U.S. papers. However, the company currently is struggling to pay off an over $1.1 billion debt in the next few years.
The Times Co. currently has $46 million in cash but will face a $400 million credit facility that expires this May.
As for Slim, he’s currently the world’s second-richest man, with a net worth of $60 billion.
That’s a lot of billions!
[Image via AP Images.]
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