Rupert Murdoch Denies LA Times, Chicago Tribune Talks

by Christopher Freeburn | October 22, 2012 12:41 pm

Rupert Murdoch is not in talks to purchase[1] the Los Angeles Times or the Chicago Tribune, News Corp (NASDAQ:NWSA[2]) said on Saturday.

The company called earlier reports that it was considering the purchase of either newspaper to be “wholly inaccurate,” Bloomberg noted.

Word that Murdoch might make a bid for the newspapers came from the Los Angeles Times and Reuters last week. In those reports, unnamed sources said that News Corp was negotiating with the debt holders of Tribune Co, which owns the two dailies.

Tribune Co is currently under bankruptcy supervision, but could re-emerge by the end of the year if the court signs off on its restructuring plan.

A spokesperson for the Los Angeles Times said that the paper has not retracted its story. Reuters, however, has amended its story after its unnamed source withdrew information[3] regarding Murdoch’s intentions.

Shares of News Corp rose fractionally in Monday afternoon trading.

Endnotes:
  1. is not in talks to purchase: http://www.bloomberg.com/news/2012-10-21/news-corp-denies-talks-for-chicago-tribune-or-l-a-times.html
  2. NWSA: http://studio-5.financialcontent.com/investplace/quote?Symbol=NWSA
  3. unnamed source withdrew information: http://www.reuters.com/article/2012/10/20/newscorp-tribune-idUSL1E8LK0LT20121020

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