Will NY Times Sell WQXR?
January 26, 2009 at 12:18 PM (PT)
The NEW YORK TIMES has a sale-leaseback deal in the works, with the completion of the much-anticipated $250 million loan from Mexican telecom tycoon CARLOS SLIM HELU. Now, it looks like it may end the week with a deal to sell and lease-back a significant part of its midtown headquarters, reports PAIDCONTENT.ORG.
The company is in "advanced talks" with investment management firm W. P. CAREY & CO. If it goes through, NYTCo would sell the 19 floors it currently uses in the building. It would keep the 6 floors it leases to other tenants. With a sale-leaseback, which the NYTCo began exploring last month, the seller leases back the asset being sold.
How or if this will affect Classical WQXR/NEW YORK is unknown at this time.