Geffen Sought Stake in NY Times

Media mogul rebuffed after bid for 20% of company
By Jason Farago,  Newser Staff
Posted May 12, 2009 3:43 AM CDT
The "New York Times" front page.   (©aprilzosia)
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(Newser) – Media mogul and DreamWorks co-founder David Geffen recently offered to buy nearly 20% of the struggling New York Times Company, Fortune reports. Geffen offered market price, currently $194 million, for the shares owned by Harbinger Capital Management. But the hedge fund rejected his offer as too low. He hasn't been the paper's only suitor. Google also "looked seriously" at buying the Times Co. several months ago, but passed.