Mexican magnate Carlos Slim Helu, also ranked as the world's second richest man, its expanding his business as he reached an agreement with The New York Times to invest $250 million on the paper, which is paying back a high interest.

The paper which needs the money to pay a debt due in the next few months, will pay Slim 14 percent interest along with warrants that are convertible to common shares. Eleven percent on the notes will be paid in cash and 3 percent in additional bonds, the New York Times reported.

The New York Times needs money in the next few months, and Slim has it, Latin American expert Shannon K. O'Neil from the Council on Foreign Relations in New York said, the Associated Press reported.

The financial agreement was made with Banco Inbursa and Inmobiliaria Carso -- owned by Slim -- with $125 million each. Slim doesn't get representation on the Board of Directors at the paper.

After this deal, Slim could become the company's largest shareholder if he exercises the warrants. He could increase the paper's common stock to 17 percent from 6.9 he owns currently.