What have you always wondered about the economy? Tell us

Tribune not selling L.A. Times a la carte

Dan Grech Dec 14, 2006

TEXT OF STORY

SCOTT JAGOW: Now, who wants to buy the Los Angeles Times? Anyone? Anyone? Come on, it’s losing circulation and ad revenue. Its parent company, Tribune, wants to sell everything it owns, but so far, no one’s made a bid. Except entertainment mogul David Geffen — but he just wants the LA Times. Dan Grech tells us what Geffen’s offering:


DAN GRECH: $2 billion dollars in cash.

That’s how much Hollywood mogul David Geffen is willing to pay for the troubled Los Angeles Times.

Wealthy business people around the country are trying to buy newspapers. Former GE head Jack Welch, a Bostonian, says he wants to buy The Boston Globe.

Robert Garrett is founder of AdMedia Partners. He says these business people hate that Wall Street forces papers to fire journalists to increase profits.

ROBERT GARRETT: Cutting costs deteriorates the product over time. So cities are getting worse and worse service, if you will, from their newspapers.

David Geffen says he’d be satisfied with smaller profits and would run the paper as a community service.

But Tribune Company, which owns television stations, other newspapers and the Chicago Cubs, is reportedly holding out for bids for the entire company.

I’m Dan Grech for Marketplace.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.