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Originally published Monday, January 19, 2009 at 8:25 PM

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NY Times Co. gets $250M from Mexican billionaire

The New York Times Co. says it has approved a $250 million investment by Mexican telecommunications billionaire Carlos Slim Helu.

NEW YORK —

The New York Times Co. says it has approved a $250 million investment by Mexican telecommunications billionaire Carlos Slim Helu.

The financing agreement is with Slim's companies Banco Inbursa and Inmobiliaria Carso for $125 million each.

The Times Co. has been struggling with faltering advertising sales and faces deadlines to repay hundreds of millions of dollars in debt.

Times President Janet L. Robinson says the cash infusion will be used to refinance existing debt, including some borrowed under a revolving credit line that matures in May. She says Monday's agreement provides the company with increased financial flexibility.

In September, Slim and his family bought 6.4 percent of the Times Co.'s publicly traded shares.

Copyright © 2009 The Seattle Times Company

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Comments
It will be a great day when the NYT goes under, and there is nothing anybody can do to stop it. They don't even attempt to be fair and...  Posted on January 19, 2009 at 6:31 AM by nomoretaxes. Jump to comment
I Believe that the NYT should down size the publication and start selling their garbage at the check out lines in super markets. Along with the...  Posted on January 19, 2009 at 7:34 AM by Robert Truth. Jump to comment

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