Cheat-Seeking Missles

Friday, April 06, 2007

Geffen Still In Hunt For LA Times

Yesterday, I mentioned that David Geffen was still interested in purchasing the LA Times. Today, the WSJ reports Geffen and new owner Sam Zell are meeting tonight:
The conversations are informal, say people close to the situation. The two men know each other and have spoken about the newspaper before. Tribune, which agreed to a Zell-backed buyout earlier this week, has said it has no immediate plans to sell any assets except for the Chicago Cubs. But Mr. Geffen expressed interest in the Los Angeles newspaper last year, and said he was prepared to spend $2 billion in cash. This week, he said he continues to be interested.
Selling The Times would help Zell liquidate TribCorp's considerable debt, but at the cost of breaking up a potential media empire.

It would also transfer ownership of LAT from a GOP-leaning, Israel-supporting Zell to a staunch pillar of the Hollywood liberal elite who's ranked as the most influential gay man in America by the gay-agenda mouthpiece, Out magazine.

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