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Billionaire Geffen bids for L.A. Times
By ASSOCIATED PRESS
Published December 15, 2006
LOS ANGELES - Billionaire music mogul David Geffen, long known to be interested in owning the Los Angeles Times, has made a $2-billion cash bid for the paper, two newspapers reported Thursday. Geffen's bid has not been accepted or rejected by the Los Angeles Times' parent company, Chicago-based Tribune Co., which would prefer a sale of the entire media company instead of individual assets, the Los Angeles Times and Wall Street Journal reported, citing unidentified people familiar with the matter. Geffen did not return a call from the Associated Press seeking comment. His bid had been expected. Two other Southern California billionaires, philanthropist Eli Broad and supermarket investor Ron Burkle, have teamed to make a bid for the entire Tribune Co. Tribune told Geffen it would not consider his offer until it had first considered bids for the entire company, both the Los Angeles Times and Journal reported.
[Last modified December 14, 2006, 23:57:05]
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