MediaBuyerPlanner: The Tribune Company has declined to either accept or reject David Geffen’s $2 billion, all-cash offer for the Los Angeles Times, opting instead to continue seeking offers for the company as a whole.
Several private equity firms, along with newspaper giant Gannett Co. and an alliance made up of Los Angeles billionaires Eli Broad and Ron Burkle, have all expressed interest in owning the company. The media conglomerate has said it will not consider Geffen’s offer until it has fielded all offers, writes the Los Angeles Times.
Some observers have noted that the tepid interest in Tribune may mean the company will be forced to sell of individual assets such as the Times. The company also owns 23 television stations, The Chicago Tribune, and the Chicago Cubs.
The Chandler family, which controls 20 percent of Tribune, is also said to be considering a joint bid for the company.
Related stories:
- MBP Overview: What’s Going On in the Newspaper Industry, Updated
- Chandler Family Considering Bid for Tribune
- Chandler Family Straddles ‘Tribune Co.’ Fence
- Tribune Co. Hires Consultants to Explore Options
- Tribune Company Ponders Sale of Media Assets
- ‘LA Times,’ Tribune Come to ‘Understanding’
- Tribune May Decide Fate of ‘LA Times’ Thursday
