Bloomberg Won't Buy NY Times

Billionaire not interested in ailing paper
By Peter Fearon,  Newser Staff
Posted Apr 22, 2008 8:11 AM CDT
The New York Times Co. is in crisis, with slumping advertising revenue and increasingly restive shareholders. New York City mayor Michael Bloomberg, however, says he's not interested in buying.    (AP Photo/Mark Lennihan)
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(Newser) – If the New York Times is wooing potential buyers as many have speculated, New York City Mayor Michael Bloomberg seems to be an ideal suitor. He heads a media empire, has a $12 billion fortune and the acumen to go mano-a-mano with Rupert Murdoch's Wall Street Journal—and he'll have time on his hands when he leaves office next year. Only problem: he's not interested.

Bloomberg scoffed at the idea of taking charge of the New York Times, whose management is under fire from restive shareholders. "I am not going to go into the newspaper business," Bloomberg said at a press conference yesterday. "I am not a newspaper person. I don't know why anybody keeps pushing this."