The humiliation of New York Times ?
NYT received 250 million dollars in financing from Mexican billionaire Carlos Slim due to the plummeting advertising revenue and tighter credit markets. More details here.
Of course, nothing is for free. Slim will get senior unsecured notes due in 2015 with detachable warrants. Currently he holds 6.9 percent of NYT class A shares and at the time of his initial investment, he cited the company's "attractive value". Apparently he still thinks it is.
Looks like, we will soon be seeing NYT's sales frenzy. According to Bloomberg, NYT is seeking a buyer for its stake in the Boston Red Sox baseball team and the cable network that carries its games.
A series of gloomy news... Last week, the Minneapolis Star Tribune filed for bankruptcy, following Tribune.
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