The Chandler Family
Net Worth: $2.7 billion
Source of Wealth: Publishing
It has been a tumultuous year for the Chandler family. Dorothy Buffum Chandler died last summer and her son Otis Chandler, who at one time ran both Times Mirror Co. and the flagship Los Angeles Times newspaper, stepped down from the board after 36 years.
Dorothy, who was married to Norman Chandler, the third publisher of the Los Angeles Times, was extremely active in civic affairs in the city. Two of her many contributions included raising millions for the Music Center and Hollywood Bowl.
The 100-plus members of the Chandler clan, all told, own approximately 34 percent of Times Mirror’s stock. At a recent price of $64 a share, up from $42 in just the past year, the Chandlers’ stock alone is worth close to $2 billion. (That 52 percent increase translates into roughly a $630 million paper gain.)
But the Chandler family has been anything but one big happy family. The heirs of Philip and Otis Chandler have been sparring over control of the flagship paper for more than 30 years. Reportedly, it started when the reins were given to Norman and Dorothy Chandler’s son, Otis. Philip, Norman’s brother, was less than thrilled with the decision.
The Chandlers are heirs of Henry Chandler, a clerk who married the daughter of Los Angeles Times owner Harrison Gray Otis in 1894.
Three members of the Chandler family still serve on the Times Mirror board. They are Gwendolyn Garland Babcock, 62; Bruce Chandler, 61; and Warren B. Williamson, 69. Otis Chandler resigned as publisher in 1986, and the flagship paper has been published by non-family members since then. Otis Chandler now spends most of his time at his home in Oregon.