Robert De Niro is planning to buy the New York Observer newspaper, according to reports.

The actor is known to love current affairs and has now joined forces with film producer Jane Rosenthal and her husband to arrange a deal to buy the paper.

The trio have worked together in the past to launch the TriBeCa film centre and festival.

De Niro is hoping to attract corporate giants such as L'Oreal to pour cash into the project and turn the highbrow Manhattan weekly's fortunes around, reports the New York Post.