Business News and Information

Chicago-based Tribune Co. (TRB), the parent company of the Los Angeles Times and other media properties, find that two Southern California billionairs who showed an interest in the Times have decided they will join forces to buy the whole kit and kaboodle--the entire Tribune Co.

The Tribune Co. was the subject of a post I made yesterday that reported on the firing the editor of the Los Angeles Times for verbally oppossing job cuts at the paper. I wonder what job cuts Eli Broad, a philanthropist who made his fortune in housing construction and investment services, and Ron Burkle, whose billions came from owning supermarket chains, will make if they are successful.

The amount of the bid is not known nor whether the company that owns 11 newspapers, 25 television stations and the Chicago Cubs baseball team, would be broken up. The Tribune Co. also has large stakes in the Food Network and the online classified advertising venture CareerBuilder. Tribune reported that it was willing to sell all or part of the company at the behest of several large shareholders who were angered by lagging stock prices and sagging fortunes, according to this AP article.

A third billionare, entertainment mogul David Geffen, has also shown interest in buying the Times.