Times Co. to repay $250M
New York Times Co. plans to pay back a $250 million loan from Mexican billionaire Carlos Slim three years ahead of schedule.
The company intends to repay the loan by January 2012 instead of January 2015, according to Abbe Serphos, a Times spokeswoman.
Chief Executive Officer Janet Robinson said last month that she aims to expand the digital business to help spur growth. Times Co.’s sales have fallen for three straight years, hurt by increasing competition from websites and News Corp.’s Wall Street Journal, which debuted a New York City local section about five months ago.