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Rupert Murdoch's News Corp. is looking to acquire the Los Angeles Times and Chicago Tribune, according to a story today (Oct. 20) in the Los Angeles Times. Chicago-based Tribune Company, which is expected to emerge from bankruptcy soon, owns both papers, along with other properties. Tribune Company will fall under the control of debt holders -- two investment firms and a bank, notes the story in the LA Times. Murdoch's News Corp. is talking to those debt holders. "Acquiring the Los Angeles Times would give [Murdoch] strong footholds in the nation's three largest media markets: New York, Los Angeles, and Chicago," says the Times. Murdoch's News Corp owns the Wall Street Journal and Times of London, among a number of properties.

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Comments

nativesd Oct. 20, 2012 @ 7:29 p.m.

At this point, that would be a hell of a lot better than Manchester!!

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Don Bauder Oct. 20, 2012 @ 8:36 p.m.

At that Harvard club speech, Lynch hinted that Manchester and he might buy some properties from the Tribune Co., bankruptcy. Presumably, that would have included the LA Times. Yes, as bad as Murdoch is, I think he would be better at the LA Times than Manchester/Lynch -- by far. Best, Don Bauder

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SurfPuppy619 Oct. 20, 2012 @ 9:46 p.m.

Don, At least Murdocj has experience........I think after Papa Doug runs what was left of the UT into the ground, and BK's it, he may have other thoughts about buying more print media....

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Don Bauder Oct. 20, 2012 @ 10:04 p.m.

As I said in another post, Manchester recently in a response to a question said he thought that rehabbing Qualcomm might be preferable to building a subsidized stadium downtown. This may be an indication that he realizes that he and Lynch have made the U-T a laughingstock, and he also realizes that despite his propaganda efforts (supposedly $110 million worth), public opinion is not moving his way. He may be moderating as he sees genuine paid circulation dropping. But as you point out, neither he nor Lynch have print media experience. And in the past, both have been blind to public opinion and ridicule. So who knows? Best, Don Bauder

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Don Bauder Oct. 21, 2012 @ 6:28 a.m.

NEWS CORP. DENIES TALK OF TIMES DISCUSSIONS. Rupert Murdoch's News Corp. stated that the Los Angeles Times's story that News Corp. is in discussions to buy the Times and/or Chicago Tribune are "wholly false," according to Reuters. The L.A. Times is standing by its report. These little dances are common in corporate takeover business. Best, Don Bauder

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just_a_voter Oct. 21, 2012 @ 11:48 a.m.

With the overall continuing decline in the print news business (e.g., Newsweek), would the price for LA Times and the Chicago Tribune have to be at bargain basement prices? (Reminds me of an old joke: How can you make a small fortune in the news business? Answer: Start with a large fortune.)

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Don Bauder Oct. 21, 2012 @ 3:07 p.m.

Oh yes, both the LA Times and Chicago Tribune would go cheap, particularly compared to print media values of, say, six years ago. Look at how newspaper stocks have cratered. That gives an idea of valuation. Best, Don Bauder

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tomjohnston Oct. 21, 2012 @ 9:52 p.m.

I have read $400 million for just the LAT alone.

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Don Bauder Oct. 22, 2012 @ 5:56 a.m.

Possible. Much would depend on real estate assets that might come along in the deal. Best, Don Bauder

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tomjohnston Oct. 21, 2012 @ 9:49 p.m.

The FCC prohibits media companies from owning a newspaper and TV stations in the same market. News Corp currently owns two Fox stations in LA and two in Chicago. I believe that News Corp received and exemption from the FCC when it acquired Newsday. Considering the recent News Corp shenanigans in Great Britain, I wonder if the FCC might not be disinclined to grant one now. I don't believe that anything could happen for a few months anyway, until Tribune exits BK and then it would be up to two investment firms and the bank that hold Tribune's debt.

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Don Bauder Oct. 22, 2012 @ 5:59 a.m.

tomjohnston: I don't think that law is followed these days. It may even be off the books. Best, Don Bauder

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tomjohnston Oct. 22, 2012 @ 12:58 p.m.

The rule is still on the book. The FCC did "relax" some of the rules on cross ownership in the same city. Last summer, in response to a lawsuit, the Appeals Court for the Third Circuit vacated the changes that the Commission had made to the newspaper/broadcast cross-ownership. The Third Circuit directed the FCC to consider the remanded issues within the context of its Quadrennial Review and order the prior rules remain in place. Last month, several companies wanting waivers of the cross ownership rule wanted an extension of the deadline for filing the waver petition until 60 days after the FCC votes on its proposed revisions to the rule, since that could affect the applicable standard for review of those petitions.. The FCC agreed and granted the extensions until after the FCC votes, which they have said won’t be until after the election and possibly after January, should there be a change in administration. The parties who filed the original lawsuit have already said they would file a new one if the rule change goes through. It took 3 yrs for the last decision. If it goes to court again, who knows how long it will take.

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Burwell Oct. 21, 2012 @ 10:32 p.m.

I don't think Manchester has enough money to buy a large newspaper. He's reveling in the publicity and notoriety and has no intention of buying another paper. So is Lynch. Lynch said that when he was a radio exec Mayor Pudge Sanders would not return his phone calls. Now, Lynch claims Pudge has been to U-T headquarters to see him three times.

In the spring Manchester is supposed to start construction on a $350 million 50-story hotel in Austin, Texas. He's also poised to start developing the U-T headquarters site in phases. He also has to start the Navy redevelopment project shortly. He is 70 years old. He is a fool to start so many projects at his age. It's not clear who will run his empire if he dies or becomes disabled, or whether this individual is capable of keeping the empire afloat. He should start cashing in and converting his real estate holdings to cash. He should unload the navy project on another developer. If built that white elephant is going to generate losses for ten or more years before reaching break even.

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Don Bauder Oct. 22, 2012 @ 6:09 a.m.

Burwell: Yes, in the Manchester/Lynch handling of the U-T, there seems to be some drunkenness with power and...oh, never mind. Manchester does have a lot on his plate. I would hope Manchester has made plans for continuation should something happen to him. I suspect lenders would demand that. Best, Don Bauder

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