Somebody, Anybody Save the Times
So The New York Times Co. doesn’t have any money. This we know to the tune of $46 million in cash versus $1.1 billion in debt.
We also know that it won’t stop publishing in May, no matter how many essays Michael Hirschorn writes.
But what’s to save the Gray Lady. Two things: President-elect Barack Obama and a certain Mexican billionaire.
We explain, in reverse order.
According to The Wall Street Journal, Carlos Slim is in talks to inject “several hundred million dollars” into the Paper of Record in exchange for a significant amount of preferred stock.
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