Date

Fri - 20.10.2017


NY Times to repay $250 million loan 3 years early

NY Times to repay $250 million loan 3 years early

The New York Times Co. will pay back a US$250 million loan from Mexican billionaire Carlos Slim three years ahead of schedule, Bloomberg reported Sunday.

In an interview with The Sunday Telegraph, New York Times CEO Janet Robinson said the company is focused "on bringing debt down as quickly as we can," citing as a priority the repayment of the Slim's loan. "We have the option to pay that down in early 2012...We have every intention of paying it all by then," she said.

Photo source: Associated Press via The Huffington Post

Once debt levels decline, The New York Times Co. will consider acquisitions "in the digital space," Robison said.

The publishing company borrowed the money in January of 2009 to refinance its 1.1 billion debt. Since then, it has reduced it to $670 million, Editor & Publisher reported. With this repayment, the group will save $100 millions.

According to The New York Times, the Mexican businessman owns one of the largest individual stakes of the media group, which is controlled by the Sulzberger family.

Author

Clara Mart

Date

2010-10-04 06:19

Shaping the Future of the News Publishing


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