Geffen's offer for The Times: $2 billion

By James Rainey, Times Staff Writer
December 14, 2006

Several observers said the paucity of interest in Tribune had increased the chance that the company would be forced to consider selling individual assets, which include the Los Angeles newspaper, KTLA-TV Channel 5, the Chicago Tribune, the Chicago Cubs and 22 other television stations.

Members of California's Chandler family prompted the auction this summer when they complained that the value of the company, in which they hold 20% of the stock, had been depressed by poor management.

The Chandlers are now trying to line up other investors for a joint bid on Tribune, according to an investment advisor familiar with the auction.

Geffen has told many friends and associates for more than a year that he would like to own the Los Angeles newspaper and improve the paper as a service to Los Angeles.The 63-year-old tycoon has also said that he has enough liquid assets to buy the paper alone and pay cash.

His net worth is estimated at $4.6 billion.

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