Liz Swain 4:24 p.m., May 24
Who'll Buy LA Times? Platinum? More Likely Murdoch
Doug Page, columnist for the media news publication, News&Tech, says that Rupert Murdoch's News Corp. may be the most likely buyer of the Los Angeles Times. Thanks to Matt Potter for sending along this clip. First, new creditors are about to take over the long-bankrupt Tribune Co., owner of the Times. Those creditors want to get out of the industry, says Page. Some big chains such as Gannett and McClatchy have too many problems to buy the Times, he says. L.A. moguls Eli Broad and David Geffen, or Platinum Equity, owner of the Union-Tribune, don't own the media assets needed to meet worldwide information demands, says Page. But Rupert Murdoch's News Corp. has links to Asia; owns the Wall Street Journal, printed by the Times, and could link the Times to its other properties in London, Australia, and Hong Kong. "News Corp. borrows Google's strategy -- expanding and consolidating its digital footprint and thus becoming indispensable," says Page. With the Times and News Corp.'s media properties all around the world, Murdoch could create a 24-7 news website that would be "a must-read for people across four continents, Europe, Asia, Australia, and North America," says Page. There are obstacles: Murdoch is under pressure from investors not to buy more newspapers, says Page. But "you never want to count Murdoch out."