The New York Times announced this week that it had accepted a 250 million dollar loan from Mexican Billionaire Carlos Slim Helú. The money is intended to help the ailing newspaper giant keep its multiple businesses afloat.
Mr. Slim already owns 6.9% of the Times Company, and according to the terms of the contract will invest $250 million more in the form of six-year notes.
The Times Company has been looking to raise money due to slow
advertising sales and an upcoming deadline to pay back $1.1 billion in
debt the company has accrued. Mr. Slim will not be represented on the company’s board or receive special voting rights like the Sulzberger family, which controls the company. But he will still be one of the largest single shareholders in the Times Company, owning up to 17% of the business (as opposed to the Sulzberger's 19%).
Mr. Slim made most of his money through telecommunications companies and has major investments in retailing, construction,
banking, insurance, railroads and mining. Slim has been vice-president of the Mexican Stock Exchange and was the first president of the Latin-American Committee of the New York Stock Exchange Administration Council. Forbes magazine recently estimated his fortune at $60 billion, making him the second richest person in the world behind Warren Buffet.
Carlos Slim Helú is a Lebanese Mexican. His father immigrated to the country when he was just 14 years old, and upon arriving in Mexico changed his surname from Salim to Slim. Carlos married Soumaya Domit in 1966, and they had six children together. Three of his sons, Carlos Slim Domit, Marco Antonio Slim Domit and Patrick Slim Domit head up his companies on a day-to-day basis.