Geffen reportedly eyeing L.A. Times

Sept. 17, 2005 at 10:08 PM
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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.

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.

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