Mexican family patriarch and the world's second richest man, Carlos Slim Helu, has agreed to lend family-controlled New York Times Company $250 million to refinance its existing debt.
The loan is being made through the Slim family's Banco Inbursa and Inmobiliaria Carso companies. In return, these two businesses have secured senior unsecured notes due in 2015 with detachable warrants.
Slim (pictured) paid $127 million for a 6.9% stake in September 2008, becoming the newspaper group's third largest shareholder. The Sulzberger family, led by chairman Arthur Sulzberger, retains voting control through its class B shares.
NYT Co had 2007 revenues of $3.2 billion but, in common with other media companies, has suffered from a downturn in advertising revenue that has been compounded by the world's financial crisis.