Monday, April 21, 2008

Bloomberg = Mr Fix It

first they want him to run for president, now just buy the NY Times:

NEW YORK (Reuters) - People close to New York Mayor Michael Bloomberg are encouraging him to buy the New York Times Co and save the company from shareholder assaults, while members of its controlling family are interested in a rescuer, according to media reports.

Bloomberg could take the company private and "help protect the brand" with his estimated $11.6 billion personal fortune, Newsweek magazine said in its April 28 edition, quoting an unnamed source.

Shares of the New York Times, publisher of the newspaper of the same name and the Boston Globe, rose as much as 3 percent.

The New York Post reported on Monday that some members of the Ochs-Sulzberger family want to find a protector, according to unnamed sources.

But a Times spokeswoman, repeating a position frequently attributed to the Ochs-Sulzbergers, said the family believes the company's current capital structure is the best way to protect its editorial independence.

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