Rupert Murdoch sending signals that he would like to acquire the Chicago Tribune and Los Angeles Times. *sigh
With Tribune Co. expected to emerge from bankruptcy soon, News Corp. Chairman and Chief Executive Rupert Murdoch is looking to acquire two of its trophy properties — the Los Angeles Times and the Chicago Tribune.
Tribune Co.’s debt holders — two investment firms and a bank — will become majority owners of the company after it exits bankruptcy, which could happen by year’s end. News Corp. executives have had preliminary talks with these debt holders about acquiring the Los Angeles Times and Chicago Tribune, according to two ranking News Corp. executives and others familiar with the situation.
These people cautioned that talks are in the early stages, and that a deal is by no means certain. Other potential buyers have expressed interest.
News Corp. has denied the reports, which surfaced in the very newspapers the company is rumored to be interested in buying. The Los Angeles Times could go for as much as $400 million. Meanwhile, Murdoch’s last foray into Chicago journalism — a purchase of the Chicago Sun-Times in the 1980s — was a disaster, with a sharp drop in circulation and the loss of many key writers.