UPDATE 2-Geffen offered to buy NY Times stake-source

martes 12 de mayo de 2009 05:29 CEST
 

* Geffen tried to buy Harbinger's 19.9% NY Times stake-source

* Geffen bid market price, Harbinger wanted premium-source

* Geffen, Harbinger not in talks now-source

* Google looked at New York Times but passed-Fortune.com (Adds value of stake, background)

By Sue Zeidler and Robert MacMillan

LOS ANGELES/NEW YORK, May 11 (Reuters) - Media mogul David Geffen tried to buy a stake in the New York Times Co (NYT.N: Cotización) from hedge fund Harbinger Capital Partners, but was rejected, a source with knowledge of the matter said on Monday.

Geffen offered to buy the stake at market price, but Harbinger fund manager Philip Falcone wanted him to pay a premium, according to the source.

The two sides are not currently in talks, said the source, who spoke on condition of anonymity.

Fortune magazine first reported the news on its website in an article that said Times board member Scott Galloway, who was nominated by Harbinger, approached Google Inc (GOOG.O: Cotización) co-founder Larry Page to try to get the Internet company to try to buy the Times.   Continuación...