Reports: Chandlers May Bid For Tribune, Geffen Offers #1B For LA Times
December 14, 2006 at 11:59 AM (PT)
A new possible bid for TRIBUNE CO. sent shares of the company rising slightly WEDNESDAY after the NEW YORK TIMES reported that the CHANDLER family, which had previously said it would not bid to buy the company, may have changed its mind and may bid on all or part of the media empire. The CHANDLERS, the former owners of the LOS ANGELES TIMES and TIMES-MIRROR (now part of TRIBUNE), are reportedly talking to private equity firms about a possible bid for TRIBUNE; the family presently owns about 20% of the company's stock.
Meanehile, DAVID GEFFEN has offered $2 billion cash to buy the LOS ANGELES TIMES from TRIBUNE CO., but the company has responded by declining to either accept or reject his offer. The TIMES' JAMES RAINEY reports that GEFFEN made the offer last month but that TRIBUNE chose to wait to see what offers it would get for the entire company. TRIBUNE is in the process of conducting due diligence sessions for potential buyers in hopes of raising the amount of the bids.
TRIBUNE, which owns one radio property, Talk WGN-A/CHICAGO, has been for sale for several months but the company has not drawn the kind of bids some had hoped it would attract.