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These Times Demand Tough Action
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Martin Peers of WSJ says he thinks the $250 million infusion from Carlos Slim may buy too little time for New York Times company, if it does not do more aggressive cost cutting and asset sales. The asset sales are going to be difficult for media business in this environment with declining ad spending. In the first 9 months of 2008 revenue fell 6.5% to $2.18 billion but production, selling general and administrative expenses fell only 1.9% to $1.99 billion, says Peers so its cost base is not shrinking fast enough. And the 14% interest for the Slim investment raises interest costs from $50 million to $74 million a year.
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04/21/2008
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America Movil, Carlos Slim and Telefonos de Mexico
01/20/2009
Expansion in 18 countries of Latin America by Carlos Slim's America Movil, mobile telephone company. The mobile service now has 225 million customers in Latin America. It offers innovative solutions of prepaid cards for small amounts of money to serve a vast region with lower incomes, where credit cards are not widespread. The new strategy is to sell data services, live video streaming, in the same way, through prepaid cards of as low as $4 for 2 weeks of data service.
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The New York Times Company struggles with debt payments after years of overborrowing.
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Its not clear that the $250 million investment at 14% interest by Carlos Slim of Mexico will be enough as much of the repayment of debt of $1.1 billion comes due in the next couple of years.
Linked Articles
These Times Demand Tough Action
Wall Street Journal 01/20/2009
Billionaire Reaches Deal On Funding For Times Co.
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