Slim Invests in NYT

NEW YORK: The Mexican telecommunications mogul Carlos Slim has extended a $250 million loan to the New York Times Company, as it looks to meet its debt payments over the next few years.

Slim, one of the world’s richest men, already owns a 6.9 percent interest in the publishing group. The investment is in the form of six-year notes, with warrants that are convertible into common shares. The $250 million loan also comes with a 14-percent interest rate.

The Times is coping with reduced ad revenues as it works to pay back its $1.1 billion debt in the coming years. “This agreement provides us with increased financial flexibility to continue to execute on our long-term strategy,” said Janet L. Robinson, the chief executive of the Times Company, in a statement. “We continue to explore other financing initiatives and are focused on reducing our total debt through the cash we generate from our businesses and other decisive steps.”