Image: businessinsider.com
The Los Angeles Times may be getting closer to having a new owner as the Orange County Register names Rupert Murdoch, Douglas Manchester and Aaron Kushner as potential buyers.
According to the Orange County Register, the Los Angeles Times may be one step closer to ending a four-year bankruptcy as three high-powered names are dropped as potential buyers of the nation’s fourth largest newspaper and its owner, Tribune Co.
The OC Register reports that this week the Federal Communications Commission has recommended waivers of the Tribune media ownership rules for broadcast, meaning the company “could emerge from bankruptcy by year’s end.”
Potential buyers of the media company include what the OC Register calls “likely players”, including chief executive of News Corp, Rupert Murdoch; U-T San Diego owner Douglas Manchester; and new owner and publisher of the Orange County Register Aaron Kushner. So far, none of the named potential buyers have made any comment one way or another on whether they plan on buying the Tribune, except for Kushner who “said without reservation that he wants to buy Tribune’s newspapers as part of an expansion plan for his investment group, 2100 Trust LLC”.
“We do think of the Los Angeles Times as an incredibly important institution. We would be honored to acquire the Los Angeles Times if they successfully are able to come out of bankruptcy,” Kushner said.
In it’s prime, the LA Times was the second largest paper in the country, with more than one million circulation and an impressive editorial staff. Budget cuts led to a significant decline in both circulation and staff, and the OC Register notes that “as of September, the Times had a combined print and digital circulation of 606,075 and a staff of about 500.”
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