LAT: 3 L.A. Billionaires (Broad, Geffen, Burkle) Have Eyes on L.A.Times

[DeepModem Mom]

3 of L.A.'s Billionaires Have Eyes on Times
Tribune rebuffs Broad, Geffen and Burkle, for now, after they inquire about buying the paper.
By Thomas S. Mulligan and James Rainey, Times Staff Writers
July 29, 2006

Three billionaires hoping to buy the Los Angeles Times expressed their interest in separate letters this month to the paper's owner, Tribune Co. But each was told The Times was not for sale — at least for now, according to several people who have seen the letters.

Since a schism in June on the Tribune board put the company's future into question, reports have circulated that philanthropist Eli Broad, music and movie mogul David Geffen and former supermarket magnate Ron Burkle would like to buy the newspaper.

A purchase by any of the three Los Angeles billionaires would put the newspaper under local ownership for the first time since 2000, when the Chandler family agreed to sell the paper's then-owner, Times Mirror Co., to Chicago-based Tribune. Relations between the newsroom in Los Angeles and the corporate office have grown increasingly strained since then, especially as Tribune has squeezed the budget and cut staff in response to declining revenue.

"It would be in the best interests of Tribune and the best interests of Los Angeles if a sale was completed," former Mayor Richard Riordan said....

***

A sale of The Times, arguably Tribune's single most valuable asset, would probably not occur except as part of a breakup or outright sale of Tribune, according to investors and analysts who follow the company. The presence of willing buyers for a number of Tribune properties, however, could increase pressure on the company to consider a breakup....

http://www.latimes.com/business/la-fi-moguls29jul29,0,7833306.story?coll=la-home-headlines

[AX10]

1. Good! Broad, Burkle, and Geffen are Democrats.

It's good to see that they understand the value of having media.

[Liberty Belle]

6. That may be why they were rebuffed. Wonder if Repugs had asked,

would they sell the paper to them?

[goclark]

2. Are they RepubliCONS? !Edit No they are Democrats!!!! Yes!

[Straight Shooter]

3. My first thought was, "Please tell me they're Democrats."

My second thought on learning they're Democrats: "Please tell me they're not total corporatists."

:)

[Judi Lynn]

4. Apparently there's still significant optimism for this deal.

Also from the article:

After Broad, Burkle and Geffen had gone public with their interest, investment firm Goldman, Sachs & Co., representing the Chandlers, approached the three individually and told them that if their interest was sincere they should put it in writing to FitzSimons and Tribune's lead outside director, William A. Osborn, chairman of Northern Trust Corp., according to a person involved in the discussions.
(snip)

After Broad, Burkle and Geffen had gone public with their interest, investment firm Goldman, Sachs & Co., representing the Chandlers, approached the three individually and told them that if their interest was sincere they should put it in writing to FitzSimons and Tribune's lead outside director, William A. Osborn, chairman of Northern Trust Corp., according to a person involved in the discussions.
(snip)

Burkle, 53, who has discussed teaming up with Broad in a purchase of The Times, made an unsuccessful bid for 12 Knight Ridder Corp. newspapers when that company was broken up this year. He said last month that "the chance for the L.A. Times to be locally owned again is an opportunity not to be missed."
(snip)

It would be so interesting if something decent developed here!

[AX10]

8. kick

[Totally Committed]

5. I know for a fact Geffen is a Democrat...

don't know much about the other two. If Geffen buys the paper, it will be outstanding!

This sounds like a good thing.

TC

[951-Riverside]

7. *ahem* Nevermind

Read the topic incorrectly.