• Forbes, Wednesday, May 13, 2009 9:30 AM

Why would billionaire David Geffen--a movies and music mogul -- want to buy a piece of The New York Times, a company that saw a 7.7% decline in revenue in 2008? Geffen confirms that he unsuccessfully attempted to buy Harbinger Capital Partner's 19% stake in the New York Times Co. last month.

It is unclear if he plans to continue his pursuit to buy a piece of the famed newspaper. Remember, back in 2007 Geffen attempted to buy the Los Angeles Times for $2 billion.

So what's he up to now? It could be civic pride, a hope to help a crucial bastion of the news business, or vanity or power. Or it could be simple greed. Geffen has billions in cash and is likely trolling for a cheap bet on a beaten asset with tremendous upside if it can manage the advertising slump. If a new business model can be applied to the NYT's journalism, investors in the company stand to make a lot of money.

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