Geffen offered to buy NY Times stake - source

LOS ANGELES, May 11 (Reuters) - Media mogul David Geffen offered to buy the 19 percent stake in the New York Times Co (NYT.N) held by hedge fund Harbinger Capital Partners LLC but was rejected over price, according to a source with knowledge of the matter.

Geffen offered to buy the stake at market price, whereas Harbinger, controlled by Philip Falcone, wanted a premium, the source said on Monday.

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

Fortune.com reported earlier on Monday that Geffen made his offer last month. It also said that a few weeks before Geffen's move, Scott Galloway, whom Harbinger nominated to the New York Times board, had made an overture to Google Inc (GOOG.O) co-founder Larry Page about buying the New York Times.

Google decided to pass after looking seriously at the opportunity, Fortune reported. Shares of the New York Times rose 5 percent to close at $6.81 on the New York Stock Exchange. (Reporting by Sue Zeidler; editing by Tiffany Wu and Steve Orlofsky)