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New York - The New York Times says it has approved a $250m investment by Mexican telecommunications billionaire Carlos Slim Helu.
The financing agreement is with Slim's companies Banco Inbursa and Inmobiliaria Carso for $125m each.
The Times has been struggling with faltering advertising sales and faces deadlines to repay hundreds of millions of dollars in debt.
Times President Janet L. Robinson says the cash infusion will be used to refinance existing debt, including some borrowed under a revolving credit line that matures in May. She says Monday's agreement provides the company with increased financial flexibility.
In September, Slim and his family bought 6.4% of the Times's publicly traded shares.
- AP