The board of the company, which publishes The New York Times and The Boston Globe, along with several other US newspapers, is expected to meet today to approve the deal, according to sources quoted by .
Slim, who already owns a 6.4% stake in the company, is expected be given preferred stock with no voting rights, but with an annual dividend.
The New York Times Company needs to pay off $400m in debt in a credit facility that retires in May. It also has $100m in bonds due later in the year. A further $250m will come due in 2010, and another $400m credit facility expires in 2011.
The publisher has been struggling with plummeting ad sales and circulation declines.
Its shares have fallen 70% from their 12-month high of $21.14 in April last year to $6.41 at close of trading on Friday.
The Times said at the end of last year that it would raise up to $225m through the sale and leaseback of a portion of its New York headquarters.
The company has also put its minority stake in the Boston Red Sox baseball team up for sale.
Slim, one of the wealthiest people in the world, owns Latin American mobile phone giant America Movil and landline phone company Telefonos de Mexico, which was previously owned by the Mexican government. He also has major investments in retailing, construction, banking, insurance, railroads and mining.
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