LOS ANGELES, Sept. 17 (UPI) -- David Geffen has reportedly become the latest rich and powerful Los Angeles resident to consider buying the hometown newspaper, the Los Angeles Times.
The Times reports Geffen, who made a fortune in the music industry and is now a partner in DreamWorks SKG, has told three civic leaders recently how much he would like to own the paper.
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Dennis J. Fitzsimons, chief executive of the Tribune Co., which owns the Times, said he and Geffen had a meeting this summer at Geffen's request and he told Geffen the paper is not for sale.
While the Times' circulation has been dropping, the paper remains profitable and would have a price of $3 billion -- if it was for sale.