This could get very ugly,very fast. The Koch brothers are reportedly considering a bid for the Tribune Company newspapers — focusing on the crown jewels of the L.A. Times and Chicago Tribune,or at least what jewels of power are left in the flailing newspaper industry — but they may face stiff competition in the form of a debt-free,full pocketed media power player named Rupert Murdoch.
L.A. Weekly’s Hillel Aron reports “multiple sources”claiming Charles and David Koch will offer to buy the Tribune Co. slate of papers — including the Times,the Trib,the Baltimore Sun,and five other papers — or maybe just offer to buy all of Tribune Co. outright. If the notoriously free-spending political heavyweights and brothers in industry choose to go for the whole company — and,importantly,if their offer is taken seriously and ends up bailing out the papers — their purchase would also include 20 television stations along with the eight papers. The Tribune Co. emerged from bankruptcy at the end of 2012 and has been looking to unload their newspaper holdings,apparently as part of a single-package deal,according to Bloomberg’s Edmund Lee. Any buyer interested in Tribune’s Co.’s newspapers will have to cough up a cool $600 million to acquire the whole lot — not exactly a lot to the Koch brothers,who spent untold hundreds of millions on the 2012 election…and weren’t too pleased with their return on investment.
What makes the L.A. Weekly report all the more exciting — if a little far fetched — is the looming giant in the wings:Murdoch has been eyeing the L.A. Times and Chicago Tribune for months now. It’s been reported that Murdoch “covets”the Times as a potential addition to his empire of more than 175 newspapers. There were reports of his interest as far back as last June. Then there were dueling reports of Murdochian interest in the Times,in particular,in October:one from the Times itself,and another from Murdoch’s Wall Street Journal. This was described by Daily Intel’s Joe Coscarelli as “media mogul equivalent of flirting.”In December,Murdoch was planning “to take a close look at Tribune Co.’s newspaper assets once they’re available,”Bloomberg’s Lee reported.
Read More at The Atlantic . By Connor Simpson.
Photo credit:World Economic Forum (Creative Commons)