LOS ANGELES/NEW YORK: Media mogul David Geffen tried to buy a stake in the New York Times Co from hedge fund Harbinger Capital Partners, but was rejected, a source with knowledge of the matter said.

Geffen offered to buy the stake at market price, but Harbinger fund manager Philip Falcone wanted him to pay a premium, according to the source.

The two sides are not currently in talks, said the source, who spoke on condition of anonymity.