Bloomberg Not Buying New York Times

New York, NY (AHN)- New York City Mayor Michael Bloomberg denied reports he would buy the New York Times Co. saying he was "not going into the newspaper business," Bloomberg news reported.

The mayor was reacting to a Newsweek article saying his "closest associates" are encouraging him to buy Times Co.

The New York Post reported that owners of the Times were concerned over the "vulnerability" of the paper" after a wave of shareholder assaults," Bloomberg news wires said.

Forbes.com said Bloomberg, the world's 65th-wealthiest person with a net worth of $11.5 billion, is the latest among the world's richest people being lured to the troubled newspaper business.

Earlier reports said Rupert Murdoch, who recently bought The Wall Street Journal, is close to acquiring Newsday.