Will Carlos Slim save The New York Times?

The Wall Street Journal reports (subscription required) on speculation that Mexican billionaire Carlos Slim may provide The New York Times Co. (NYSE: NYT) with some much-needed cash.

Mr. Slim disclosed a 6.4% stake in the company back in September, but the stock has taken a beating since then. The company is looking desperately to raise cash with a sale and lease-back of part of its headquarters and "various other financing alternatives," including "private placements."

But the Journal notes that "The big question is whether Mr. Slim would demand some degree of control for an infusion. The next question then would be the response of the fractious Sulzberger family."

Here's my take on it: Slim would have to be absolutely mental to toss another hundred million dollars or more into a company with a history of terrible shareholder returns without demanding that the Sulzberger family give up their total control of the company's destiny.

A New York Times Co. controlled freely by its shareholders would be good news for the company and its investors. The Sulzberger family has never demonstrated a willingness to let outsiders have a say in the company's future, but at this point they may not have much of a choice. The question is whether it's too late for new leadership to make a difference.