One of the strongest daily newspapers in the United States, The New York Times, is set to receive a financial injection of $250 million from Carlos Slim, the second richest man in the world.
Slim’s stake in the newspaper would thereby increase, making him the second largest shareholder. The top position is still held by the Ochs-Sulzberger family, which has been the largest shareholder of the newspaper for the past hundred years. The New York Times is the best-selling newspaper in the United States, with a daily circulation of over one million copies. American print media fell into trouble the moment the global financial crisis forced advertisers to cut back on advertising, and a portion of their readers turned to internet portals as they provided the same amount of daily information. The crisis in the media world in the U.S. is further confirmed by the fact that Tribune Co., which owns the Chicago Tribune and Los Angeles Times, has filed for bankruptcy protection as they are unable to pay debts amounting to a staggering $13 billion. (T. Vi.)
