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NEW YORK - New York Mayor Michael Bloomberg, who is also the founder of financial news and data company Bloomberg L.P., denied reports released Monday that he is interested in buying The New York Times.
| NYT | 9.37 |  -0.18 |
"I don't know why anybody keeps pushing this. I am not a newspaper person," Bloomberg said at a press conference.
"I know nothing about the production of a newspaper. I know something about reading it. Sometimes I like it, sometimes I don't. I buy it everyday, retail. But I am not going to go into the newspaper business."
Shares of The New York Times tumbled during the day, rumors having been floating about a possible buyout, but ended 5.5 percent higher at the close of trade.
This is not the first time that rumors surface of a possible takeover by Mayor Bloomberg. The first time were spurred by comments made by Paul Steiger in his final column as managing editor of the Wall Street Journal in January.
The latest rumors came from the April 28 edition of Newsweek, which citied unnamed sources who claim Bloomberg may use his fortune to save the New York Times Co. and make it private.
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