As circulation at the Los Angeles Times reaches new lows on a daily basis, appears Eli Broad is still interested in buying the struggling newspaper. Not certain this would be good or bad for the remaining employees or the newspaper, I suppose we will see how this plays out.
By Lilla Zuill
NEW YORK, March 10 (Reuters) - Eli Broad, a wealthy philanthropist who once looked at buying the Los Angeles Times, is still interested in a foray into the newspaper business, he told a gathering in New York on Monday night.
"We can't afford to lose good newspaper journalism, investigative reporting," the 75-year old retired business maven said during a lecture on business in philanthropy at the 92nd Street Y in Manhattan.
The Times, which is owned by the Tribune Co, has like most U.S. newspapers been struggling with a steep drop in advertising revenue brought on by U.S. economic woes and a migration of readers to the Internet.
Real estate magnate Sam Zell took Tribune private in an $8.2 billion deal in 2007 that loaded up the company with billions in debt. The company filed for bankruptcy protection last year.
The L.A. Times is expected to eventually be put up for sale again.
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