Wonky Muse
Wonky Muse

April 5, 2007

Are Zell and Geffen in Talks For LA Times?

So reports CNN:

Chicago real estate mogul Sam Zell, tapped Monday as the buyer of media conglomerate Tribune Co., has already talked to entertainment mogul David Geffen about a possible deal for the Los Angeles Times, according to a published report.

The Washington Post reported the discussions. It quoted an unidentified source familiar with Geffen's thinking who said Geffen has spoken with Zell since Monday's announcement and is optimistic that he may gain control of the Times, either in a spinoff deal or a joint-venture partnership.
Zell's winning bid for the Tribune Company, parent company of the LATimes since 1999, was highly leveraged. His cash outlay was only $315 million, with the rest of the $8.2 billion deal covered by debt that includes an assumption of Tribune's $5 billion outstanding liabilities.

With the goal of reducing that huge debt, it's not surprising that Zell is looking to sell some parts of his acquisition pronto; he's not known as the Grave Dancer for nothing. The LA Times and the Chicago Cubs are rumored to be the first on the chopping block.

Geffen by no means has a lock on this. With a measly $25 million breakup fee, former rumored bidders Eli Broad and Ron Burkle may get back in the game with competing offers. As I've mentioned previously, any of this three owning the LA Times would be good news. It's about time my hometown newspaper's ownership returns to local hands. I'm keeping my fingers crossed.


posted at 5:14 PM by Wonky Muse

+Save/Share | |
Links to this post:

Create a Link






ABOUT

"Sapere Aude."
(Dare to Know)
-- Epistularum Liber Primus, Horace

Wonk (noun): def. A political nerd. Know spelled backwards.

Wonky Muse is the other Filipino American female political blogger. The sane, liberal one.


RECENT POSTS

  • Her Lady Lumps
  • "Someday My Prince Will Come"
  • Minnesota DFL Office Burglarized... Again
  • Boehner Gets Boos and Groans
  • Bush Meets With General Accused of Atrocities
  • Third Party Gore?
  • Their Idea of Humor
  • Unabashed Corruption at the GSA
  • Inhofe Huffs And Puffs Again
  • A Whopper of a Move

  • BLOG ARCHIVES




    BLOGROLL

    Atrios
    BlogRevolution
    Cursor
    Daily Kos
    Hullabaloo
    Firedoglake
    Glenn Greenwald
    Informed Comment
    Memeorandum
    Political Animal
    Talking Points Memo
    The Carpetbagger Report
    The Huffington Post
    Tapped

    WONKY READS



    WEB WONKY MUSE

    TWITTER UPDATES

    follow me on Twitter



    MISC



    Subscribe with Bloglines

    free hit counter script
    image: le sarcophage des muses, musée du louvre.
    site design: wonky muse.