Geffen Seeking To Buy New York Times Stake
Media mogul David Geffen, who had previously attempted unsuccessfully to buy the Los Angeles Times , has made an offer to buy a 19-percent stake in the New York Times from Harbinger Capital Partners, published reports said on Monday, citing unnamed sources. Harbinger originally acquired the stake for $500 million, but it has fallen 61 percent since then to $194 million, mirroring the decline of nearly all major newspapers, including the Los Angeles Times. In retrospect, most observers believe that it was fortunate for Geffen, the founder of Geffen Records and co-founder of DreamWorks Studios, that he was unable to land the Times. (He reportedly offered owner Sam Zell $2 billion for it two years ago, which Zell turned down.) The Times 's parent, the Tribune Corporation, is currently operating under bankruptcy protection.