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Revolving Door Newsletter: 01.20.09
Billionaire Aids NYT; Shakeup At NewsdayJanuary 20, 2009
With eyes around the world on the inauguration in Washington, D.C., the newspaper industry thinks it can make a quick buck off our new president. Publications across the country are hiking their print runs and cover prices. The New York Times Co. (which just refined its expense policy) is pursuing another means to stay afloat: It's getting a cash infusion from Mexican billionaire Carlos Slim. The paper, which has $46 million in cash versus $1.1 billion in debt, will give him preferred shares in exchange for a couple hundred million dollars. Although he'll have no voting rights, Slim will ...