Posted on 12/14/2006 4:53:26 PM PST by shrinkermd
CHICAGO (MarketWatch) -- Billionaire David Geffen has offered to buy the Los Angeles Times newspaper for $2 billion in cash, but parent company Tribune Co. has declined to accept or reject the bid, according to media reports Thursday.
TRB rebuffed the bid because it is still seeking offers for the entire company, the Wall Street Journal and Los Angeles Times reported.
Tribune began the process of soliciting bids in September, and late last month extended a self-imposed deadline to complete its strategic review to sometime in the first quarter of 2007. Analysts said the extension indicated that the company is having difficulty securing premium bids.
Tribune owns 11 newspapers, including such publications as the Chicago Tribune, the Los Angeles Times and Newsday, as well as 26 television stations, most of which are affiliated with the new CW Network formed when the WB and UPN networks were shut down prior to the current television season. The company also owns the Chicago Cubs baseball team.
In a recent Wall Street Journal interview with record mogul Geffen, he said that he would do "whatever it takes" to revitalize the embattled newspaper.
(Excerpt) Read more at marketwatch.com ...
David Lawrence Geffen (born February 21, 1943) is a record executive, film producer, and theatrical producer, and philanthropist. Geffen is most noted for creating Geffen Records in 1980, and being one of the three founders of Dreamworks SKG.
Born in New York, Geffen attended the University of Texas at Austin but soon dropped out.
He began his entertainment career in the mailroom at the William Morris Agency, where he quickly became an agent. Soon after leaving William Morris, Geffen founded Asylum Records in 1971, which had signed artists such as Jackson Browne and Linda Ronstadt. Asylum was acquired by Warner Communications and merged with Elektra Records in 1972 to become Elektra/Asylum Records. Geffen remained in charge until 1975, when he resigned as director.
In 1980, he founded Geffen Records. After releasing John Lennon's album Double Fantasy in December of that year (because, Lennon said, Geffen Records was the only label with enough confidence in him to agree to a deal without hearing the record first), Geffen found themselves with a massive seller, albeit in tragic circumstances, when Lennon was murdered later that month. This helped bring the new label a mass of attention. Geffen Records/DGC became well known also for releasing works by the likes of Cher, Aerosmith, Guns N' Roses, Nirvana, Neil Young, and Weezer.
Through the Geffen Film Company, David Geffen produced dark-tinged comedies such as (the 1986 version of) Little Shop of Horrors, Risky Business and Beetlejuice. Geffen was the Broadway backer for the musicals Dreamgirls and Cats. In 1994, Geffen co-founded the DreamWorks studio with Steven Spielberg and Jeffrey Katzenberg.
Geffen, who is openly gay, was the subject of a persistent but false 1990s rumor that he had married actor Keanu Reeves. Before he came out as openly gay, he dated Cher and Marlo Thomas in the late 1970's.
Geffen is a prominent philanthropist, renowned for his support to medical research, AIDS organizations, the arts and theatre.
According to Forbes Magazine ("The 400 Richest Americans of 2004") and other sources, Geffen has pledged to give whatever money he makes from now on to charity (although he has not specified specific charities or the manner of his giving). In 2002, he announced a $200.."
I hope someone tells him there are twice as many people who are self described conservatives as there are liberals. Also "some college" and "college" cohorts vote Republican.
The LA Times, and the MSM in general, have eliminated conservative readership to purshe their liberal agenda.
Maybe Geffen is smart enough to see it, but, then again, maybe he isn't.
Is dishonest, liberal, "reporting" included in the price or is it extra?
David Geffen UCLA School of Medicine
Geffen Playhouse (formerly Westwood Playhouse)
... two recent acquisitions.
I guess he's basically going to buy up L.A.?
He is so rich he doesn't have to be as smart but, if he can make a lot with any Newspaper today he is a genius.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
2 Billion? He should give that money to the needy and save himself a headache knowing he's paying the salaries of socialist hacks.
"He should give that money to the needy....." Watch those liberal impulses.
When Barbra S sees that list she'll renew her subscription.
Wow, if it happens, it will make the L.A. Times' previous coverage look objective by comparason.
Well, you can tell that Geffen is accostomed to things that are overpriced in La-La land. Movies comes to mind and, at $2 Billion for the LATimes, I figure he's paying about $1.9 Billion more than it's worth!!
There's some beautiful artwork on the sixth floor there.
Hey Tomkow it is true chicago tribune going sell the LA Times to that Queen of music business David Geffen
OK.
Geffen buying the LA Times would bring about his quickest possible exit from the Forbes 400.
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