Eli Broad, the wealthy L.A. philanthropist who once looked at buying the Los Angeles Times, is still interested in a foray into the newspaper business, he told a gathering in New York.

“We can’t afford to lose good newspaper journalism, investigative reporting,” the 75-year old retired business maven said during a lecture on business in philanthropy at the 92nd Street Y in Manhattan.

The Times, which is owned by the Tribune Co, has like most U.S. newspapers been struggling with a steep drop in advertising revenue brought on by U.S. economic woes and a migration of readers to the Internet.

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