Media Mogul Looking to Buy the Chicago Tribune

Media Mogul Looking to Buy the Chicago TribuneNews Corp. Chairman and Chief Executive Rupert Murdoch is looking to acquire the Chicago Tribune and the Los Angeles Times as the parent company for the two newspapers, Tribune Co., tries to emerge from bankruptcy. After Tribune Co. exits bankruptcy, its debt holders will be the majority owners of the company. These debt holders have had initial talks with News Corp. executives about selling the two newspapers, although the company’s spokeswoman recently dismissed the reports as “wholly inaccurate”, according to the Chicago Tribune.

If Murdoch, 81, manages to acquire both the Tribune and the LA Times, he will gain a strong foothold in the country’s largest media markets. He already heads the world’s biggest media company, which is the parent company of media properties such as The Wall Street Journal and Fox News.

Tribune Co. has cooperated with News Corp. on previous occasions, for example, Tribune Co. owns nine television stations that have aired the programs of News Corp.’s two broadcast networks, and the Chicago Tribune has printed copies of The Wall Street Journal.

The deal is far from made at this point, however, and there are other potential buyers interested in acquiring both papers. Furthermore, Federal Communications Commission rules prevent owners from having a newspaper and televisions stations in the same market, and News Corp. already has two stations in both Los Angeles and Chicago.

Your business acquisition or merger may not necessarily involve multimillion dollar companies. However, it is still prudent to seek the assistance of an experienced business attorney in order to ensure a smooth transition of ownership. Contact a knowledgeable Naperville business attorney today.