Posted on 01/18/2009 3:46:08 AM PST by abb
The New York Times Co. is in discussions with Mexican billionaire Carlos Slim about investing in the newspaper publisher to help ease its financial problems, according to people familiar with the matter.
The talks are ongoing and may yet fall apart but one of the options being discussed is a preferred-stock issue. Under this scenario, the Times Co. would issue Mr. Slim preferred stock, which carries no voting right but pays an annual dividend, in return for his investment. The investment would be similar to a loan. Preferred shares are often convertible into common stock after a defined period.
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The Times Co. has about $46 million in cash and $1.1 billion in debt as of the end of September. It has a $400 million credit facility that expires in May, $250 million in notes due in 2010 and another $400 million credit facility due in 2011. Times executives in December said the company is negotiating with lenders on long-term debt and does not plan to replace the facility expiring in May because it won't need to borrow as much. They also said they are looking to raise up to $225 million from a sale-leaseback of its share of its headquarters building and considering other financing options including revolvers, public offerings or private placements.
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Mr. Slim is the owner of Telmex, Mexico's former telephone monopoly, and America Movil SA, Latin America's largest cell phone firm by subscribers. His telephone companies have driven most rivals out of business by charging them high fees to complete their calls through Telmex's existing network and tying up any legal challenges in Mexico's courts. The billionaire's approach to investing in the U.S. has been to look for undervalued stocks and buy as an investment.
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(Excerpt) Read more at online.wsj.com ...
And the few either (mostly) unbiased or the right-leaning papers in this country, are they fairing any better? I would hope they would be doing better, just to shove it in the face of the liberal media!
The day after the election, I canceled my subscription to the Raleigh Snooze and Disturber. When they asked for a reason, I told them I would no longer support their biased reporting of the "news". Since then, they've made repeated attempts to regain my business. Each time I tell them the same thing. They just refuse to get it!
Most companies in trouble dramatically under fund their pensions (they record an obligation to pay the pension, but never put any cash in it - just like our Social Security system), and since the NYT looks likely to fail, the stock options are worthless. I'd say MoDo and the gang (of liars and thieves) have already made that sacrifice.
We can hope, anyway. My fondest hope is for Pinch Sulzberger and the worst of his liberal propagandists to be reduced to dumpster diving to survive. I'd pay good money for an extended video of that.
You have to ask yourself...why would Slim want to take over a dead newspaper? If you went to the top one hundred wealthy guys in the US....I doubt that a single one would want to put money into this organization.
Slim chance that these slim pickin’s will appreciate in value and turn around the situation.
Sort of like putting your water into a bucket with a hole in the bottom.
the most effective use of defense expenditure for US enemies is to buy US media
And if he buys the preferred stock, I have a great bridge down the street from the NYT which could make the same tidy profit and has the same voting rights.
Without voting rights, he ain’t got ‘nutin.
Rupert Murdoch?
The Times Co. has about $46 million in cash and $1.1 billion in debt
Pretend I'm your neighbor. I have $460 in the bank, I owe $11,000 in credit card debt, every month I continue to earn less and spend more $$$ than I earn, and in the next 2 years, I also have to pay off 3 loan sharks an additional $10,000...in full.
Further perspective, we live in Silicon Valley and the business I own sells typewriters.
Would you invest in my company and loan me money? LOL...
Isn’t there a conservative Billionare on our side who can by the slimes, then kill it? Rush you listening?
http://www.nypost.com/seven/01182009/news/regionalnews/brother__can_you_spare_a_times_150654.htm
BROTHER, CAN YOU SPARE A TIMES
GRAY LADY SEEKS RE$CUE BY MEXICAN MOGUL
Note to the Gray Lady: DIE B!TCH!!
There is nothing more dangerous than a rich liberal with power and the goal to control other people.
Their personal greed combined with their belief they have a right to control other’s actions and movements because they care more, know more, and deserve more than the rest of us are the ingredients for their ultimate demise and failure. Unfortunately we have allowed them that position either by electing them to represent us or by buying their product.
New York Times could have made choices about 20 years ago to be what it was first intended to be, the distributer of truth based on the gathering and reporting of facts to allow customers the ability to evaluate these facts and form their own decision.
They have gone from that to a daily distributor of propoganda for the sole purpose of changing policy, opinion and furthering their political agenda.
They have become nothing but a daily advertisment for the Democratic party and every tin horn dictator in the world.
This is God’s way of telling Carlos he has too much money.
Oh yes Senor Slim.....there is really a pig in that poke. He is a good pig. You will be fortunate to own such a wonderful pig.
Although I have problems with Murdoch (who is a closet liberal, Globalist, and Commie appeaser)....he is now an American citizen...been so for over 20 yrs
Actually, the NYT has been lying and liberal for at least 80 years.
They covered up Stalin’s atrocities in the USSR, esp the Ukrainian famine. Their scholock, Walter Duranty, knew what was going on, but kept reporting how “nice things were” in the USSR.
The NYT has been pandering to Commies ever since they took over the USSR
http://www.denverpost.com/opinion/ci_11465624
Are we captives of the media?
Carlos Slim is rich because he’s a crook. He’s a terrible investor. Maybe he should have a talk with Sam Zell before investing in a paper.
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