Dead Trees

Times Finds Sugar Daddy

Will The New York Times find a financial savior in Mexican billionaire Carlos Slim? The Wall Street Journal reports the troubled newspaper outlet is in discussions with Slim for an investment "similar to a loan" that would give him preferred stock, "which carries no voting right but pays an annual dividend." Slim is reportedly willing to put up "several hundred million dollars." Though neither the company nor Slim would comment, the Times board has a special meeting planned for this week. Time may be running out. "The Times Co. has about $46 million in cash and $1.1 billion in debt as of the end of September," according to the Journal. "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."