That was fast. The New York Times is reporting that The New York Times company has reached an agreement with Mexican billionaire Carlos Slim Helu for a $250 million loan.
Under the terms of the deal, Mr. Slim, who already owns 6.9 percent of the Times Company, would invest $250 million in the form of six-year notes with warrants that are convertible into common shares, the company said in a statement. The notes also carry a 14 percent interest rate, with 11 percent paid in cash and 3 percent in additional bonds.
Sulzbergers should rest-assured that despite all this cash Slim will not be receiving “no representation on the company’s board or any shares with special voting rights.” What will he be receiving then? Looks like it might all come down to bragging rights.