The New York Times Company yesterday confirmed that it has reached an agreement with Mexican billionaire Carlos Slim Helú for a $250 million investment to help offset some of its losses. Slim joins other international millionaires who have recently been offering their support - and their cash - to the newspaper industry.

Slim, who Forbes claims is the second richest man in the world (losing the top spot to Warren Buffet) already purchased 6.9% of the company's shares in September and after this deal goes through will own up to 17% - making him one of the company's largest shareholders.

With mounting financial problems and a $400 million debt falling due in July, the NYT has been looking for a way out, and speculation about its fate has been rife. The company put its stake in the Boston Red Sox up for sale, is prepared to borrow against its new headquarters in Manhattan and even recently sacrificed some of its prized front page to advertising space. As a result, Slim's cash injection is obviously much needed and will hopefully ease the NYT's suffering.

Sources: New York Times, The Guardian