• The Wall Street Journal, Monday, January 19, 2009 9:15 AM

The embattled New York Times Co. is talking to Mexican billionaire Carlos Slim about making a sizable cash investment in the company. In September, Slim bought a 6.4% stake in the Times Co., owner of The New York Times and several other papers, for about $118 million. Now he is interested in gaining a larger share of the company.

The 68-year-old telecommunications tycoon is discussing a large purchase of preferred shares. These shares would carry no voting rights, but pay a dividend. The move can be nixed by the Sulzberger family, including publisher Arthur Sulzberger.



Slim's current stake puts him among the largest non-Sulzberger owners of the Times. The media company is under the gun to raise cash as a $400 million credit line expires in May.

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