Finally some good financial news for the New York Times.
The paper announced today that the New York Times Company is set to pay back Mexican billionaire Carlos Slim his $250 million loan on August 15.
The NYT had not planned to repay the loan for another five months and the loan itself wasn’t due for another three and a half years.
Janet L. Robinson, chief executive of the Times Company, and Arthur Sulzberger Jr., chairman and publisher of the Times credited the ability to pay the debt early to the “decisive steps we have taken to improve our financial flexibility over the past two years.”
Read: NYT paywall.
Slim bailed the NYT out of a precarious financial situation back in 2009 when he lent the company the $250 million, simultaneously increasing his stake in the company from 6.9% to 17%.
Around the same time the company announced it was mortgaging its brand new building and subsequently sold a large portion of it off to an investment and management firm.
What a difference a paywall can make.
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