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November 23, 2008 2:30:05 AM CST

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Bloomberg Won't Buy NY Times

Posted Apr 22, 08 8:11 AM CDT in Politics,  Business 

(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."

Source Reuters

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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)
New York City Mayor Michael Bloomberg says he's not interested in buying the New York Times.   (AP Photo/Frank Franklin II)
Rupert Murdoch plans to challenge the New York Times' position as the flagship of US journalism.   (AP Photo/Mark Lennihan, File)
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