Geffen Bid for NY Times Stake: Report

Former record executive David Geffen made an offer to buy an interest in the

New York Times

(NYT) - Get Report

, but was rejected, according to published reports.

Geffen, a co-founder of DreamWorks SKG, made an offer in the past two months for the 19.8% stake in New York Times Co. held by Harbinger Capital Partners, a U.S. hedge fund, the

Financial Times

reports, citing people close to the situation.

Geffen's offer was made at the prevailing market price but Harbinger wanted a premium, one of the people said. Geffen remains interested in owning the company and would be "a patient buyer," the person said, the newspaper reports.

The two sides currently aren't currently in talks,

Reuters

reports, citing a source.

Harbinger, Geffen and the Times declined to comment. Geffen's interest was first reported by

Fortune.com

.

Geffen offered to buy the

Los Angeles Times

two years ago, but is no longer interested, the

Financial Times

reports. The

Los Angeles Times

is owned by

Tribune Co

.

Harbinger, whose stake in New York Times is worth $193 million, also held talks with

Google

(GOOG) - Get Report

, which declined to comment on "rumors," the

Financial Times

reports.