Geffen Bid for NY Times Stake: Report
Former record executive David Geffen made an offer to buy an interest in the
New York Times
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, 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
.
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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
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, which declined to comment on "rumors," the
Financial Times
reports.
