LA Times Attracts Billionaire Bids

10 November 2006

LOS ANGELES: Rival US billionaires are squaring up to fight over the ownership of the Los Angeles Times newspaper, whose owner, the Tribune Company, is currently mulling its future.

An offer for the entire media company, which includes 10 other papers, 24 television stations and the Chicago Cubs baseball team, has been tabled by an alliance between philanthropist and real estate magnate Eli Broad and supermarket tycoon Ron Burkle.

Opposing them, however, is rumoured to be Hollywood entertainment mogul David Geffen, also keen to buy the title, which saw its editor ousted this week for refusing to make job cuts [WARC: 08-Nov-06].

All parties are remaining zip-lipped.

Data sourced from New York Times; additional content by WARC staff