A new New Yorker profile reveals that the New York Times may have chosen to borrow $250 million at 14% interest from a Mexican billionaire rather than take money from Hollywood producer David Geffen, but it wasn’t for David’s lack of effort.
- First he offered to buy the company and turn it into a non-profit. Rejected.
- Then, when he heard about the deal with Slim, he “offered to make the same deal.” Rejected.
- In a final (maybe not), frantic attempt, he tried to buy Harbinger Capital’s 19 per cent share in the Times. Rejected. Again.
Why? According to the New Yorker, because David Geffen has expressed an interest in actually owning and controlling the New York Times–which didn’t sit too well with Arthur Sulzberger.