Wednesday, May 13, 2009

What David Geffen Sees In The New York Times

It’s the hottest topic on two coasts. Why in the world would David Geffen, perhaps the shrewdest investor Hollywood has seen in years, want to plunk down $200 million or so for the 19.9% stake in the New York Times Co. held by hedge fund Harbinger Capital Partners? Like most newspapers, The New York Times, which owns its fabled Gray Lady flagship, the Boston Globe and other assorted assets, is losing tons of money. Worse yet, with ad sales that make up 59% of its overall revenues tanking and not likely to fully recover, the Times is fast becoming a non-profit institution. [Click for MORE]

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