NY Post: Geffen's Not Buying The NY Times
May 15, 2009 at 4:58 AM (PT)
Music and movie mogul DAVID GEFFEN's "talks" about acquiring HARBINGER CAPITAL PARTNERS' 19% stake in THE NEW YORK TIMES are a myth, writes PETER LAURIA in THE NEW YORK POST. "According to three sources with direct knowledge of the situation, GEFFEN had precisely one conversation on the topic, and it was with CITIBANK. These sources said GEFFEN and HARBINGER CEO PHILIP FALCONE never spoke directly to each other.
"One of the sources scoffed at media reports this week detailing GEFFEN's grand plan to acquire HARBINGER's stake and save THE TIMES by turning it into a non-profit.
"Calling it 'talks' is laughable -- it was one phone call that lasted less than five minutes," the source said.
"A source close to GEFFEN said HARBINGER, knowing full well about GEFFEN's thwarted $2 billion attempt to buy THE LOS ANGELES TIMES, asked CITIBANK to try to unload its stake on GEFFEN.
"The reason a deal wasn't struck, according to this source, is that GEFFEN 'refused to pay the premium.'"