David Geffen’s offer to buy a 19% stake in the New York Times never went through, but the speculation as to why Geffen would make the offer, and what he would do with the Times if he had control, continues to be a popular pasttime. Business Week yesterday ran the story that he is likely spurred by a sense of civic duty. Meanwhile, Forbes suggests that the Hollywood billionaire may be looking for a cheap investment, and is motivated by a traditional investor’s desire to turn a profit. The Finanical Times concurs, arguing that he’s looking for his latest challenge, “and the New York Times might be just the ticket.” Newsweek takes a different perspective, more akin to Business Week, when it reports that Geffen wants to protect the paper as a “national treasure,” and that if he gained control he would turn the Grey Lady into a nonprofit, similar to the St. Petersburg Times. — May 14, 2009