Billionaire investors Eli Broad and Ron Burkle have jointly submitted a bid to buy The Tribune Co., which, besides owning the Chicago Tribune and the Los Angeles Times, counts nine other daily newspapers among its holdings as well as 25 TV stations (including the powerful KTLA in Los Angeles) and the Chicago Cubs baseball team. Published reports did not indicate financial details of their offer. Entertainment magnate David Geffen is also believed to be among those seeking to buy the media company, whose current stock price of $32.48 would value it at $7.8 billion. Tribune also shows $5.3 billion in debt. Each of the three investors is reported to be interested only in the L.A. Times asset; they're expected to sell off the remaining assets piecemeal if a deal is consummated.




09/11/2006