Maybe things aren’t so bad for The New York Times after all. Today the Times said it is repaying its $250 million debt to Carlos Slim, three and a half years early. Slim lent the money to the paper a few years ago when things were especially bleak for the Times.
According to memo from Janet L. Robinson and Arthur Sulzberger Jr., the paper was able to pay the debt back so quickly because of a series of moves (like selling most of its stake in the Boston Red Sox) that have given the Times new life:
Our ability to pay down this debt at this time is directly linked to the decisive steps we have taken to improve our financial flexibility over the past two years. We remain focused as we move to the next phases of our business plans and as the uncertain global economy and the ongoing volatility in our industry continue. But today we take pride in this moment.