Geffen makes $2 billion bid for L.A. Times
EmptyDreamWorks co-founder David Geffen reportedly has placed a $2 billion cash bid for the Los Angeles Times.
The newspaper reported Thursday that its parent company, Tribune, has tabled the offer pending a review of all bids, which is expected to stretch into next month. The Chicago-based media group recently extended the period for considering offers for all or part of its newspaper, station group and other holdings.
This week, reports circulated that the Chandler family, longtime owners of the Times, was in talks with private-equity firms about a possible partnership to bid on at least part of Tribune. Other recent bidders include Los Angeles financiers Eli Broad and Ron Burkle, who placed an unspecified joint offer for the entire Tribune media group.
Tribune assets include 11 newspapers, 25 TV stations and Major League Baseball's Chicago Cubs. Observers previously had set $2 billion as a rough valuation for the Times and $8 billion for the entire company.
Tribune shares fell 71 cents, or 2%, to close at $31.91 amid an upbeat broader market on Thursday.