As per Bloomberg site, the world’s 3rd billionaire Carlos Slim a mexican tycoon in the media business gives a loan for $ 250 million to New York times which gives a temporary breathing room for the Sulzberger family to rearrange their plans and structure their debts. According to Bloomberg, the company has $ 400 million credit line which will be due in May with an annual interest of $ 35 million which puts a big burden on them. Especially that advertising sales has dropped down, the shares also went down and dividends were reduced. With this investment, Mr.Slim will have a 17% stake in the company making him the second biggest shareholder after the Sulzberger family. It’s really sad to see how big companies are falling without the intervention of the government. How many Carlos Slim we need to end the crisis of the big companies in the absence of our governments???
January 21, 2009