Of course, the company’s fortunes eventually changed. The Boston Globe, which the Times paid $1.1 billion for in 1993, had become a money-losing albatross that it desperately wanted to sell, and it wasn’t uncommon for industry think pieces to ponder whether the Gray Lady would exist in another 20 years. Like most other newspapers, it was left reeling in the wake of the 2008 financial crisis, and in early 2009 it was forced to take a $250 million loan from Mexican billionaire Carlos Slim in order to stay afloat. Things have been rosy at The New York Times lately, especially from a financial perspective, but it wasn’t always that way.
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