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New York Times in finance talks with Mexican magnate
2009-01-18
NEW YORK, (AFP) - The New York Times Company is holding talks with Mexican billionaire Carlos Slim about investing in the newspaper to help it ease its financial problems, The Wall Street Journal reported. Citing unnamed "people familiar with the matter," the newspaper said on its website that the talks might yet fall apart, but one of the options being discussed is a preferred-stock issue. Under this scenario, the Times Co. would issue Slim preferred stock, which carries no voting right but pays an annual dividend, in return for his investment, the report said. According to The Journal, the investment would be similar to a loan. But preferred shares are often convertible into common stock after a defined period, the paper said. People familiar with the matter said Slim would likely invest several hundred million dollars in Times Co., The Journal added. Times Co. is planning a special board meeting next week, according to the report.
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