Finance & Loans
New York Times to Seek Repayment of Slim Loan
October 27, 2010 by publisher · Leave a Comment
(NYSE: NYT) In the interest of maintaining his family’s imperial control over the New York Times, Arthur Sulzberger is seeking to refinance a loan borrowed from Mexican billionaire Carlos Slim.
Top economic analysts say that Slim’s $250 millon loan to Mr. Sulzberger was used to bail the New York Times out of possible economic trauma. Launching a series of ambitious “modernization” programs, the New York Times has sought to control not only the paper press, but the wide-open horizons of E-news, as well.
Calos Slim announced today that he would be opening several new zinc and gold mines in Mexico to expand his fortune. Slim has long held the coltanite trade in North America under his iron boot, controlling the flow of the rare metal processed from raw ore in the Congo throughout Central and North America. Coltanite is an essential metal in current-day cellphone processors, and Slim has a monopoly.
In order to pay off the Slim loan early, Sluzberger plans to raise $225 million by offering six-year bonds to investors. The New York Times is ambitious about their future expansion into the world of E-news, gripping the E-book market in a stranglehold with their new up-to-the-minute updates to the Amazon Kindle and other mobile E-reader devices.
Sulzberger was to pay Slim with super-voting shares for the NYT using his family trusts, but this would have jeopardized his family’s control over the world-famous news paper, which is something Sulzberger was not about to do, even in a cash-starved economy.