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MediaBuyerPlanner: Earlier this week, published reports stated that Maurice "Hank" Greenberg, former chairman of American International Group Inc., was buying up stock in The New York Times Co. Now, speculation has it that Greenberg is in fact intent on trying to purchase the company as a whole.
Charlie Gasparino, a business writer for Newsweek and reporter for the Wall Street Journal, said on CNBC yesterday that Greenberg's stock-buying move goes beyond trying to be an activist shareholder to get the family to produce more profits per shareholder, writes Editor & Publisher (via Yahoo).
Gasparino said that from what he understands, Greenberg has actually approached investment bankers and asked them if they would work with him to put together a plan to purchase The New York Times Co.
Greenberg's intentions may be twofold, according to Gasparino. First, Greenberg believes the company is an undervalued asset. Then, there may be ego involved, as Jack Welch is attempting to purchase the Boston Globe. "Hank Greenberg wants to be in there. He's got money to turn, and I believe there is a little revenge here. Let's face it, The New York Times hasn't been nice to Hank Greenberg over the years…," Gasparino is quoted as saying, adding that investment bankers told him it would be difficult or next to impossible for Greenberg to complete the purchase.
Gasparino also said that there is another billionaire investor seeking the Times, and speculation has it that it may be Jack Welch.
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