| How cliché: Another billionaire tries to buy a newspaper | |
By Daily Crux Editor Sean Goldsmith: David Geffen, co-founder of DreamWorks SKG, recently made an offer for the 20% New York Times stake owned by hedge fund Harbinger Capital Partners. I'm not sure how he plans to save the struggling company - the stock is down 65% in the past year - but his billionaire brethren Sam Zell and Rupert Murdoch have both tried (with Tribune and Dow Jones, respectively)... and so far, failed. |
Geffen offered market price for the shares, but Harbinger rejected it, believing it was too low.
Harbinger should take Geffen's offer just stop the bleeding on their doomed NYT investment. The firm's initial $500 million stake in the newspaper publisher is now worth less than $200 million. And nowadays, an offer at market is generous.
Read full article...
More on newspapers:
Newspaper circulation plunges record amount
Murdoch: Newspapers must charge for web content
Desperate NYT sells Manhattan headquarters; signals disaster for REITs
Harbinger should take Geffen's offer just stop the bleeding on their doomed NYT investment. The firm's initial $500 million stake in the newspaper publisher is now worth less than $200 million. And nowadays, an offer at market is generous.
Read full article...
More on newspapers:
Newspaper circulation plunges record amount
Murdoch: Newspapers must charge for web content
Desperate NYT sells Manhattan headquarters; signals disaster for REITs
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