— Neal Justin (@nealjustin) July 22, 2012
David Geffen once showed interest in the New York Times and the Los Angeles Times, but he tells journalists on the Television Critics Association Summer 2012 Press Tour that he’s no longer interested in newspapers.
“How do you see the newspaper industry now?” one critic asked. Geffen responded this way, according to Lisa de Moraes:
I was not looking to be a newspaper owner as an investment. I was going to buy the New York Times out of my foundation and make it a nonprofit because I think the New York Times is essential.
The New York Times and the Wall Street Journal are national newspapers… Friends of mine who work for the New York Times are constantly telling me how much they are cutting budgets and everything, and I thought I could do something that would be worthwhile, and keep the New York Times as strong as possible. I think the New York Times is a very important newspaper.