Thank You, Mr. Slim! Reiterating Our Offer For The New York Times (NYT)

Henry Blodget | September 11, 2008 12:32 PM

It's hard to express how thrilled we are to have the support of the second-richest man in the world in our offer for the New York Times. Carlos Slim started acquiring his 6% stake right around the time we extended our offer last month--and we just know it's because he sees the value in our proposal.

To reiterate: We've offered to buy the New York Times Online for $1 billion (in a cool, unusual deal that our crack investment-banking team helped us put together). In case you've forgotten, here are the details.

We'd like to point out that, by making our offer, we've helped drive the New York Times stock from $12 to $14 a share, despite the company's ad revenue continuing to fall off a cliff. We're big fans of our hometown paper, so we're glad to have started adding value already.

We look forward to working with you, Mr. Slim!

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7 Comments

Nigel Eccles (URL) said:

Sep. 11, 1:01 PM

Anyone else ever notice that the only people wanting to buy newspapers are the only demographic that actually read them? Sam Zell (67), Carlos Slim (68)...

Ramon Morales (URL) said:

Sep. 11, 2:24 PM

I am very happy about these developemnts. I also beleive it is short sighted to dismiss newspapers as obsolete just as it was foolish to dismiss radio with the advent of television. They are different ways to reach an increasingly diverse reader population. The key to newspapers becoming competitive is adoption of integral hard copy and internet media strategies.

The NY Times is a venerable asset worth more than anyone can imagine and well positioned for new growth. By offering innovative products that take into account social networking and the delivery of compelling content to smart devices, NY Times should do very well. Advertisers will need to shift as well.

Garbanzo said:

Sep. 11, 4:23 PM

Number of years I worked in the newspaper industry: 10
Number of newspapers I have purchased in the past year: 3
Number of days when I haven't read newspaper content online: 0

jackel said:

Sep. 14, 6:29 PM

Yeah waste your money...Buy the Rag...Maybe Nafta Drivers can deliver it...

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Thank You, Mr. Slim! Reiterating Our Offer For The New York Times (NYT)

Henry Blodget | September 11, 2008 12:32 PM

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