Janet Robinson, CEO of The New York Times Company, plans to pay back her company’s $250 million loan from Carlos Slim Helú in January of 2012. The payment will coincide with the launch of paywalls to generate subscription revenue online for The New York Times and The Boston Globe.
The company took out the loan from Mr. Slim with 14 perecent interest in January 2009. In that same year, the New York Times Co. suspended its quarterly dividend for the first time in four decades as a publicly traded company to combat a drop in advertising revenue. This January is the earlier time that the loan can be repaid and three years ahead of the loan’s final due date.
Mr. Slim made more than $150 million (and probably closer to $175 million) from the loan to The New York Times Co., according to Felix Salmon.
Ms. Robinson told The Telegraph at the end of last week that the company is “intent on bringing debt down as quickly as we can.” She also said that she is currently looking for ways to restore advertising revenue, and she thinks selling advertisements on the iPad will be a great new business for the company.
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