New York Times Paying $250 Million Back To Carlos Slim 3 Years Earlier Than Expected
The New York Times Company (NYSE:NYT) is expected to pay back Mexican billionaire Carlos Slim the $250 million loan three years earlier than expected. The loan is expected to be payed back on August 15th.
The reason why the New York Times is able to pay back the debt early is because of the improvement on financial flexibility that the company made over the last 2 years, including the “paywall” that the company set up for subscribers.
Back in 2009, Slim let The New York Times borrow $250 million. This increases Slim’s stake in The New York Times from 6.9% to 17%.@amitchowdhry or on Google+ at +AmitChowdhry