NATION

NATION

Billionaire to loan funds to New York Times Co.

NEW YORK — The New York Times Co., which has been struggling with declining advertising sales and is facing deadlines to repay hundreds of millions in debt, is getting a $250 million infusion from Mexican telecommunications billionaire Carlos Slim.

The Times is paying a hefty price for the investment — an interest rate of 14 percent for the six-year notes — and is giving Slim warrants that he could use to boost his stake in the company to 17 percent from the current level of 6.9 percent. That would make Slim, one of the world’s richest men, one of the newspaper publisher’s biggest shareholders.

Now hear this: Bose to cut 1,000 jobs

FRAMINGHAM, Mass. — Bose Corp., known for its high-end audio equipment, is cutting 1,000 jobs — about 10 percent of its work force.

“We have been staffed for a growing economy, not a global recession,” Bose spokeswoman Carolyn Cinotti said in a statement Tuesday. Cinotti said the job reductions would occur in “select areas, including manufacturing” and in the privately held company’s Framingham headquarters.

Associated Press