NY Times looks for angel

The Wall Street Journal reports that the New York Times is in discussion with one of the world’s richest men, Mexico telco’s Carlos Slim, to inject millions into the newspaper in the form of preferred shares. This would help  the Times live through the current credit and ad crunch, and no doubt give Mr. Slim a nice return on the dividend. Like other US newspapers, the Times has cut staff and slashed its dividend by 75 per cent, with Wall Street urging it to divest itself of non-core assets like the Boston Globe (but who would buy it these days.) Desperate times for the US newspaper business.

Wall St. Journal, Jan. 19, 2009: You need to subscribe to read the whole story, but you can catch it on B8 of today’s Report on Business.

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