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Posts Tagged ‘Carlos Slim Helu’

FishbowlNY’s 2009 Lists: New York Media’s Biggest Business Decisions

4 times square.jpgNew York is home to some of the biggest media companies in the country, like Condé Nast, The New York Times Co., News Corp., Hearst and Time Warner, just to name a few.

This year, those companies were imperiled, struggling to survive like many other companies around the world. But as print media disputed declarations that its days were numbered, these once-great companies that made their money from print pubs were fighting hard to keep their heads above water. In order to do that they made some decisions — like bringing in new investors, closing publications and selling them off. It was in no way a big year for media deals, but there were a few. Below, our list of the biggest business stories to come out of the New York media world this year.

Bloomberg LP Buys BusinessWeek

After seeking a buyer for BusinessWeek for most of the fall, publisher McGraw-Hill finally cut a deal with Bloomberg LP, which snapped up the magazine in October. The result? Bloomberg BusinessWeek, a new vision of the mag that has a new editor and a smaller staff.

After the jump, Carlos Slim invests in the Times, classical music and the Comcast-NBCU deal.

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Carlos Slim: The NYT‘s Sugar Daddy Not So Sweet on the Press

16slim.2.650.jpgMeet Carlos Slim Helu the man who provided the New York Times with its current $250 million lifeboat. He has a “complex relationship” with the news media — he declined to be interviewed for the NYT article about him — and is “notoriously thin-skinned.”

With telecommunications, retailing and construction companies under his command, Mr. Slim looms large over the media landscape in his country. Notoriously thin-skinned, he does not have to pick up the phone and bellow at those who publish and broadcast something he does not like. His vast resources often translate into less-than-critical coverage.

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Behind the scenes, though, he deploys a team of lawyers to fight efforts by the government to enforce antitrust laws against him.

The country’s Federal Competition Commission is looking into Mr. Slim’s companies. But the agency is outspent and outmanned by Mr. Slim. His companies “spend more on a single case than our entire annual budget,” said an official at the commission, who insisted on anonymity because he was not authorized to speak publicly about agency matters.

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‘Slim’ Pickings for The New York Times

slimnyt.pngThat was fast. The New York Times is reporting that The New York Times company has reached an agreement with Mexican billionaire Carlos Slim Helu for a $250 million loan.

Under the terms of the deal, Mr. Slim, who already owns 6.9 percent of the Times Company, would invest $250 million in the form of six-year notes with warrants that are convertible into common shares, the company said in a statement. The notes also carry a 14 percent interest rate, with 11 percent paid in cash and 3 percent in additional bonds.

Sulzbergers should rest-assured that despite all this cash Slim will not be receiving “no representation on the company’s board or any shares with special voting rights.” What will he be receiving then? Looks like it might all come down to bragging rights.