Actor and businessman Robert De Niro is reportedly walking away from buying The Observer.

After months of talks and a letter of intent to buy, talks between De Niro's Tribeca Enterprises and Observer founder and owner Arthur Carter fell apart at the 11th hour.

"We were approached by The New York Observer to take a look at acquiring a majority interest in the publication," said Craig Hatkoff, a partner with wife Jane Rosenthal and De Niro in the Tribeca Film Festival. "Unfortunately, we could not come to mutually acceptable terms."

Guess the owners were concerned about De Niro using their beloved paper as a billboard for his Tribeca projects.

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