Three Billionaires Bidding for LA Times: (all liberals)

Newsmax ^ | 7-31-06 | Newsmax

[Chicos_Bail_Bonds]

Three Billionaires Bidding for LA Times

Three billionaires, including Hollywood mogul David Geffen, have expressed interest in buying the Los Angeles Times, but have been rebuffed for the time being by its owner, Tribune Co., the paper reported.

Geffen, property developer Eli Broad and supermarket investor Ron Burkle each wrote to the board of directors of the Chicago-based firm, which is under pressure from shareholders to boost its flagging share price, the paper said in its Saturday edition.

The report, citing unidentified sources, said Tribune's directors considered the three letters at a July 19 board meeting.

Tribune Chairman and Chief Executive Dennis J. FitzSimons subsequently wrote to each prospective suitor, informing them that the board "unanimously asked me to advise you that at this time we are not prepared to discuss the possible transaction described in your letter," the paper said.

But the FitzSimons letter concluded, "If our perspective changes we will contact you," the paper added.

The paper said the trio have discussed buying the paper both together and individually. It noted, though, that Geffen and Burkle have a "chilly relationship."

Geffen and Burkle declined comment to the paper, but Broad was quoted as saying that he believed in local ownership of the paper, and that Tribune would have to "unlock values" of its assets.

Tribune also declined to comment to the Times, whose report said relations between head office and the newsroom are strained because of demands for cutbacks.

Tribune's stock price is languishing at less than half its 1999 high of $60.88. The paper said some investors believe the company's parts are worth more than its current market capitalization of almost $9 billion. Tribune's other assets the Chicago Tribune newspaper, the Chicago Cubs baseball team and two-dozen television stations.

[Chicos_Bail_Bonds]

Three major liberals bidding on the West Coast's number one liberal paper. Well that should help in it's objective reporting.

Grrrrr

[2banana]

Funny how liberal billionaires are always SHOCKED on how much union labor rates cost into their newly acquired purchases...

[Jameison]

Simply means the LA Slimes is going to continue hemorrhaging subscribers as usual.
Good.

[PBRSTREETGANG]

Does it go to the low bidder?

[The_Republican]

Where are the Christian Billionares?

[tdewey10]

Hopefully they're smart enough to not bid $$$ on a business that is losing subscribers and money.

[GeorgefromGeorgia]

Liberals tend to buy magazines and newspapers. I remember when "The US News and World Report" was a conservative leaning magazine. Now it is just another liberal copy of Newspeak and Slime.

I hope FoxNews is never acquired by a leftist.

[GeronL]

Most of the superwealthy are leftists.

I mean look at a communist country, made of the 99.9% dirt poor slaves and0.1% super wealthy elites>

Looks just like the Democrat Party in a way.

[AbeKrieger]

Hopefully they're smart enough to not bid $$$ on a business that is losing subscribers and money.

Hopefully they are dumb enough to do just that. Every liberal dollar down the sh!tter is another dollar that can't be used in more sinister ways a la Soros.

[newzjunkey]

Since I just came from the Mel Gibson topic, your comment seems off-color.

Then again maybe you mean that no Christian can be a crazy leftist.