Last but not least: Two unconventional investors for the New York Times
There is new hope for The New York Times. After Washington rejected the bailout plan for U.S. newspapers, a Mexican cell phone billionaire and a music producer are now vying for control of the prestigious newspaper.
After Washington rejected the rescue plan for US newspapers, there is new hope for the New York Times (NYT). A Mexican cell phone billionaire and a music producer are vying for the prestigious newspaper. Carlos Slim Helú, who is worth 35 billion dollars and whose companies build railroads, clinics and sewage treatment plants in Latin America, has already invested 375 million dollars in the paper. Gay David Geffen, who has an estimated fortune of around seven billion dollars, is negotiating the purchase of a 20 percent stake in the NYT company.
But what makes these two enigmatic figures invest in a quality newspaper? Nobody really knows with Helú. Apparently, he has had a huge respect for the newspaper ever since he spent a summer in New York in 1964, as the NZZ am Sonntag writes. He also seems to believe that only the Times and the Wall Street Journal will survive the press crisis. Greffen, on the other hand, is probably looking for a new job out of boredom. He first came into contact with the Times when he told a columnist at a Hollywood party that the Clintons were "habitual liars" and that he supported Barack Obama, which of course later appeared in the paper. However, Greffen has concrete ideas about what he wants to do with the publication. He wants to turn the newspaper into a charitable foundation and preserve it as an institution that keeps a watchful eye on politics and business. With these investors, we naturally wish the New York Times all the best.
But what makes these two enigmatic figures invest in a quality newspaper? Nobody really knows with Helú. Apparently, he has had a huge respect for the newspaper ever since he spent a summer in New York in 1964, as the NZZ am Sonntag writes. He also seems to believe that only the Times and the Wall Street Journal will survive the press crisis. Greffen, on the other hand, is probably looking for a new job out of boredom. He first came into contact with the Times when he told a columnist at a Hollywood party that the Clintons were "habitual liars" and that he supported Barack Obama, which of course later appeared in the paper. However, Greffen has concrete ideas about what he wants to do with the publication. He wants to turn the newspaper into a charitable foundation and preserve it as an institution that keeps a watchful eye on politics and business. With these investors, we naturally wish the New York Times all the best.
