Geffen Sought Stake in NY Times

CEO says company won't cross the line into creating content

(NEWSER) - Google has decided against throwing struggling newspapers a lifeline through acquisition or by using its charitable arm to help them gain non-profit status, CEO Eric Schmidt tells the Financial Times. Schmidt said the company considered the idea, but decided that Google didn't want to cross the line between technology and content, and that potential acquisitions proved to be either too expensive or had too many liabilities. More»

(NEWSER) - Google won’t buy the New York Times, but the companies are discussing novel ways the search giant can help the newspaper stay afloat, the Business Insider reports. Sources say one idea is for Google to split advertising revenue it takes from sites hosting Times content with the paper. Another, more far-fetched scheme has Google helping the Times embed adverting content in text so it survives reproduction elsewhere. More»

Mogul still interested in buying a large stake in the Times

(NEWSER) - Hollywood’s David Geffen has amassed a multi-billion-dollar fortune through his business acumen, so why on earth is he looking to invest in the newspaper industry by buying a large stake in the New York Times? The reason, two sources tell Johnnie L. Roberts of Newsweek, is that Geffen doesn’t view it as a financial investment. He sees the Times as a sort of national resource and would convert it into a nonprofit institution. More»

Family still spending like it's 1999; Mexico's Slim waits in wings

(NEWSER) - The Ochs-Sulzberger family may be forced to sell its controlling interest in the New York Times, according to the rival Post, which helpfully points out that family members are also spending far more than they're pulling down at the paragraph factory. Thanks to the recession and the newspaper’s floundering fortunes, the clan has lost 86% of its personal wealth and might need to sell to get out of debt—shares that would likely end up south of the border. More»

'We unequivocally believe in our future' despite revenue falloff

(NEWSER) - The New York Times Company does not intend to take itself or its flagship newspaper private, the Wall Street Journal reports. Chairman Arthur Sulzberger Jr. also told a shareholder meeting today that Carlos Slim, the Mexican billionaire who recently bought a large stake in the company, had no interest in influencing its direction. He “has not made any suggestions to have anybody on the board,” Sulzberger said. More»