Because Merrill has a limited universe of buyers for its stake, it will probably have to sell it at a discount to its true valuation, these people said.
It would again be in serious trouble were it not for its stake in a newly profitable Chrysler, which it has increased in stages to 58.5%.
G.M. is insisting on cash for its stake because it needs the money to help shore up its pension fund.
Investors worry because AOL Time Warner does not have the cash to pay AT&T several billion dollars for its stake, and it cannot afford to borrow more.
Bertelsmann had been seeking $1.5 billion for its stake, though it was expected with only $1.2 or $1.3 billion at most.
The Times Company said that it would pay $16.5 million for its stake in the paper, which is owned by a unit of Metro International.
The sale price is higher than was expected when the government announced that it was inviting offers for its stake, in October 2014.
The trust received about $1.5 billion for its stake in the company, putting it on solid footing for the foreseeable future.
The company did not say how much CIC had paid for its stake, but at current prices it is worth 224 million pounds ($367.8 million).
At the same time, the $5.8 billion Vivendi is to receive for its stake in NBC Universal could help it pay dividends to its shareholders.
In addition, some board members were concerned that this summer Citigroup did not lock down a price for its stake in the wealth management joint venture it has with Morgan Stanley, forcing the negotiations into arbitration.
