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katty Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-14-09 07:08 PM
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'Grey Lady' has a patient suitor

'Grey Lady' has a patient suitor
By Matthew Garrahan

Published: May 13 2009 03:00 | Last updated: May 13 2009 03:00

At first glance, David Geffen, who recently tried to buy a stake in the New York Times, is not an obvious owner for the revered newspaper.

The billionaire is better known for his interests on the west coast of the US. A big donor to Los Angeles-based arts institutions, he has homes in Malibu and Beverly Hills, while his best friends are fellow Hollywood power players Steven Spielberg and Jeffrey Katzenberg.

But Mr Geffen has emerged as a potential buyer of the paper dubbed "The Grey Lady". He was recently rebuffed after offering to buy the 19.8 per cent stake in the NYT held by Harbinger Capital Partners, the activist US hedge fund controlled by Philip Falcone. The offer was made at market value.

However, Mr Geffen, whose liberal political views dovetail nicely with those of the NYT's editorial board, has a longer term goal in mind: outright control of a title many believe to be the most important in the US.

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underpants Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-14-09 07:51 PM
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1. Geffen is a lib, his political views don't "dovetail" with the NYT's editorial board
but this is great to see. Geffen running the Times? :headexplodes:
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