David Geffen's Offer To Buy The NY Times (NYT) Stake Was Rebuffed
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Media tycoon David Geffen offered to buy a 19% stake in the New York Times Co (NYSE: NYT) held by hedge fund Harbinger Capital Partners but was rejected, accordineg to Reuters.
Reuters did say that Geffen offered to buy the stake at market price, but hedge fund manager Philip Falcone, managing director of Harbinger Capital, wanted Geffen to pay a premium.
Harbinger owned 19.94% of the New York Times Co as of March 6, or 28.5 million shares. At Monday's closing price of $6.81, the stake would be valued at about $194 million, far less than the $500 million that Harbinger paid.
The Times is trying to sell off some of its assets since it is dealing with significant debt, pension costs and falling revenue.
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