The article reflects on a critical juncture in The New York Times' history during 2009, amid a struggling newspaper industry. Facing potential crises, the Times opted for a $250 million loan from Carlos Slim instead of selling to larger media companies. This decision paved the way for a digital transformation, emphasizing the family's commitment to maintaining control. The piece highlights the tense atmosphere within the company, as they faced high interest rates and stringent terms, revealing the complexities of steering a legacy media outlet into modernity.
It was a very stressful time frame. We could have gotten a better rate from banks, but their terms were much more restrictive.
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