Media mogul sought 19% stake in April
David Geffen may have ended his pursuit of the Los Angeles Times, but he still appears to be on the hunt for newspaper assets.
The mogul attempted to buy a 19% stake in the New York Times in April, according to a post on Fortune.com, citing sources close to the discussions.
The stake in question was owned by hedge fund Harbinger Capital Partners, but the deal fell through when the two sides couldn’t agree on a final price. Geffen’s offer is said to have been market value, with Harbinger wanting a higher figure.
The Sulzberger family, which owns the Times, has said it isn’t interested in selling the paper outright no matter how bad its bottom line gets.
Yet Harbinger is looking to unload its shares in the Times after the $500 million investment, made in 2007, has lost more than three quarters of its worth.
Geffen made a $2 billion bid to buy the L.A. Times from Tribune Co. in 2006. More recently, he’s been vocal about how current Tribune boss Sam Zell hasn’t taken full advantage of the paper’s revenue potential.