Magazine article Editor & Publisher

'Seattle Times': Carlos Slim Stake a Danger to 'N.Y. Times'

Magazine article Editor & Publisher

'Seattle Times': Carlos Slim Stake a Danger to 'N.Y. Times'

Article excerpt

Mexican billionaire Carlos Slim Helu's $250 million loan to The New York Times Co. is "an ominous move" by a "capitalist with loyalties to a foreign state," The Seattle Times said in an unsigned editorial Tuesday.

"Major media companies should not be in the hands of a capitalist with loyalties to a foreign state," the editorial declared.

The Seattle Times, owned by a Blethen family-controlled company, has often parted company with the great majority of the newspaper industry on media ownership issues. It opposes repeal of the 1975 ban on same-market common ownership of newspapers and radio or television, for instance -- something the biggest industry organization, the Newspaper Association of America, made a priority for years.

Tuesday's editorial states the paper's principle right in the headline: "Newspaper ownership matters in American democracy."

Slim has said he has no intention of using the loan -- and an earlier purchase of a 6.4% stake in Times Co. …

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