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NYT Co. Courting Mexican Billionaire?

OB-CY963_NYT011_D_20090117214308.jpgLooks like the NYT Co. may be outsourcing its financial struggles! The WSJ is reporting the company is in talks with about Mexican billionaire Carlos Slim “investing in the newspaper publisher to help ease its financial problems.”

The talks are ongoing and may yet fall apart but one of the options being discussed is a preferred-stock issue. Under this scenario, the Times Co. would issue Mr. Slim preferred stock, which carries no voting right but pays an annual dividend, in return for his investment. The investment would be similar to a loan. Preferred shares are often convertible into common stock after a defined period.

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