Wednesday, November 08, 2006

Tribune Company to change hands?

More news regarding the Los Angeles Times, but this time it's not about reinvention through the Manhattan project or the controversy surrounding editors. Two Los Angeles billionaires, businessman Eli Broad and supermarket magnate Ron Burkle, have joined up to submit a bid for the Tribune Company. According to CBS Breaking news, the two would like to return The Los Angeles Times to local ownership.

Nobody was willing to talk about the money aspect of the deal, but I can only imagine the zeros involved.

"Tribune's holdings include 11 daily newspapers, 25 TV stations, the Chicago Cubs baseball team, and Internet ventures as well as sizable stakes in the Food Network and the online classified advertising venture CareerBuilder."
The Associated Press reported that theTribune Company expected multiple bids for the Los Angeles Times, but was surprised by a bid for the entire company.

I am excited that the billionaire businessmen are thinking about giving the The Los Angeles Times local ownership--it may be just what they need. I've been following the ups and downs of the Los Angeles Times for the past few months, and think that the exchange of hands could be good for the paper. As far as what the businessmen plan to do with the rest of the company--I have a feeling that intentions are completely focused on money.


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