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PAPER CHASE

Geffen Wants Piece of Times

Sought hedge fund’s 19 percent stake.

It seems Hollywood tycoon David Geffen really wants to buy a newspaper: He tried to purchase a 19-percent stake in the ailing New York Times last month but ended up withdrawing his offer when the hedge fund owners at Harbinger Capital Partners wanted more money for the deal. Geffen’s been on the hunt for a paper for a few years—he offered $2 billion for the Los Angeles Times in 2006, and reiterated his request in 2007, when the Tribune Company was $12 billion in debt. Another tidbit: Google was also considering buying the 19-percent stake, but ultimately turned it down.

Read it at The Wrap

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