News Corporation, owned by Rupert Murdoch, is reportedly preparing to bid for the Los Angeles Times and the Chicago Tribune.
The LA Times revealed that senior News sources confirmed News Corp executives including James Murdoch had flown in to Los Angeles twice this month to approach the two investment firms and a bank that holds Chicago Tribune’s debts.
However a deal might require a waiver of federal laws that block ownership of newspapers and TV stations in the same market as Murdoch's Fox network has stations in Los Angeles and Chicago.
Murdoch’s last major deal for a newspaper was $5.6bn he paid in 2007 for Dow Jones, the publisher of The Wall Street Journal. It is believed a bid for the LA Times alone could be worth as much as US$400m.