| At least one of them (Burkle) a certified gold-plated FOB and extremely major Clinton supporter. I knew you'd be surprised. Frankly, I hope they toss their entire combined fortunes down that fetid rathole... |
 Three billionaires, including Hollywood mogul David Geffen, have expressed interest in buying the Los Angeles Times, | I presume it's 'cos their message isn't getting heard by the wretched masses yearning to breathe free of the e-e-e-evil VRWC media machine... |
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.| "Our people will call your people, and... heck, who are we kidding? Get lost!" |
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. Tribune bought the Los Angeles Times' parent company, Times Mirror Co., in 2000. Under the deal, trusts held by descendants of the paper's founding Chandler family became Tribune's biggest individual shareholder, with about 15 percent of its stock. But the Chandlers' representatives have attacked Tribune management's plan to repurchase 25 percent of Tribune's stock. They say the company should instead spin off its TV stations or put itself up for auction. |