Tuesday, January 20, 2009

New York Times Afloat with Carlos Slim

Mexican billionaire Carlos Slim

Mexican billionaire Carlos Slim will invest $250 million in the New York Times. "Slim's money will be used in critical pay-backs that are due late Spring this year," Janet Robinson of Times has said. So far, so good. I am glad for the newspaper but who on earth is Carlos Slim?

Reportedly, he is the owner of Banco Inbursa and Inmobiliaria Carso among other companies. And he suddenly felt the need to invest in a troubled industry, media; not in a TV, a dot com or an initially shining technology co.

Call me a skeptic but I attribute the erosion of trust in journalism to mostly such deals. A newspaper is only as good as it is critical, the more the better, and my experience with such financing methods in this part of the world is not very pleasant. Such money is poured into media to provide leverage for creditors against competition, their competition, not the newspaper's. Let us hope this one does not turn sour.


lvs said...

I agree credibility is the most precious commodity today in the media space. Sometimes the change in tone in a newspaper is so obvious after such a change.

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