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

(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.

The "New York Times" front page.   (©aprilzosia)
The New York Times building on 8th Avenue in Manhattan.   (©sunshinecity)
Los Angeles media mogul David Geffen offered to buy 20% of the New York Times Company from a hedge fund, but his offer was rejected.   (AP Photo/Paul Hawthorne-File)
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