New York Times Given Junk Status

In May, $400 million of debt will come due for the owners of the New York Times. With advertising revenue practically disappearing, the timing couldn't be worse. A $250 million loan from Mexican telephone mogul Carlos Slim will help, but not enough for Moody's Investment Services to change its last week's labeling of the Times as a "junk-level" investment. Ken Auletta, a columnist and contributor to the New Yorker magazine, is working on his eleventh book on the future of the media.