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NYT to lower debt for making digital acquisitions

The New York Times will pay back $250m loan to Mexican billionaire Carlos Slim three years early.

The New York Times Co intends to make considerable digital acquisitions once it lowers its debt levels.

According to the Telegraph, the company's chief executive Janet Robinson said that they plan to pay back a $250m (£158m) loan to Mexican billionaire Carlos Slim three years early, by January 2012.

Slim owns one of the largest individual stakes in the Times Co outside of the Sulzberger family, which controls the company - the publisher of the New York Times, the Boston Globe and the International Herald Tribune, reports the New York Times.

The billionaire's loan helped the company overcome a downturn in advertising sales in the US in 2009, the report adds.

Robinson said that the Times Co is looking for a "sizeable" acquisition in digital media, similar to About.com, which they acquired from Primedia for $410m in 2005.

She said that advertising is expected to rise again, following new offers to sell ads across digital platforms such as the iPad. She also said she believed that the introduction of a metered pay-wall for the company's news-websites next year will not hamper ad sales.