Carlos Slim to Buy More of New York Times?
Mexican mogul (and mass emigration booster) Carlos Slim, one of the world`s richest men, already owns part of the New York Times and may be about to buy more. Here`s what I think of him.
The New York Post`s cleverly titled Brother Can you Spare a Times [Richard Wilner, January 18th, 2009] explains that
The embattled New York Times Co., trying to wriggle out from under a pile of debt as advertising revenue dries up, is talking to Mexican billionaire Carlos Slim about making a sizeable cash investment in the company.
As stated above, Slim already has a piece of the Times:
Slim, said to be the world`s second-richest person with $60 billion, bought a 6.4 percent common share stake in the Times Co. in September for about $118 million, but is interested in gaining a larger share of the company, according to a report last night in The Wall Street Journal.
The article continues
The 68-year-old telecommunications tycoon is said to be discussing a large purchase of preferred shares. The talks are ongoing and may fall apart, as they probably would need the consent of the Sulzberger family, including publisher Arthur Sulzberger, who control the media powerhouse through its ownership of preferred shares. The preferred shares under discussion would carry no voting rights, but pay a dividend, according to the report. His current stake puts Slim among the largest non-Sulzberger owners of the Times. The Times is under the gun to raise cash as a $400 million credit line expires in May. The recession has squeezed the paper, which reported a 21 percent drop in ad revenue in November.
Hmm, do you suppose increased ownership by Slim could influence the Times to be even more in favor of mass immigration ? Or are they already gung-ho enough to satisfy even Carlos Slim ?