Thursday, November 09, 2006

L.A. tycoons join bidding for Tribune

Broad and Burkle pursue local ownership of The Times.

By James Rainey and Thomas S. Mulligan,
Times Staff Writers
November 9, 2006

Two of the Southland's wealthiest residents made a bid for one of the nation's largest media companies Wednesday in an attempt to restore local ownership of the Los Angeles Times.

Billionaire philanthropist Eli Broad and Ron Burkle, who made his fortune in the supermarket industry, submitted an offer for Chicago-based Tribune Co. In addition to The Times, Tribune owns KTLA Channel 5, three dozen other newspapers and television stations and baseball's Chicago Cubs.

The pair would not disclose details of their offer, which was made through companies they control. The bid was "competitive" with at least four offers made for Tribune last week, said a person who was familiar with the proposal but not authorized to discuss it publicly.

Follow the link to the Los Angeles Times.

No comments: