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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