Geffen’s Offer for The Times: $2 Billion

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Entertainment mogul David Geffen has made a $2-billion all-cash offer for the Los Angeles Times, but the newspaper’s corporate owner has declined to accept or reject the bid as it continues to seek offers for the entire company, a source said, the Los Angeles Times reports.


Geffen made the formal offer last month to Tribune Co. but was told by representatives of the Chicago-based media conglomerate that they would not consider it until they had fielded offers for all of Tribune, according to a source familiar with the interaction who requested anonymity because the matter is confidential.


Several private equity firms, newspaper giant Gannett Co. and an alliance of Los Angeles billionaires, Eli Broad and Ron Burkle, have expressed preliminary interest in owning Tribune.


But none of those parties have come forward with a formal offer, forcing Tribune to extend an auction that was to end this month into the new year.


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