Report: Murdoch enters bid for Tribune Co.
CHICAGO, Jan. 23 (UPI) -- Rupert Murdoch's News Corp. has joined the bidding for Chicago's Tribune Co., with an eye on taking a stake in New York's Newsday, a report said late Tuesday.
The media baron has joined California's Chandler family, Tribune's largest shareholder, in its bid for the company that owns the Chicago Tribune, the Los Angeles Times and eight other daily newspapers in addition to Newsday, The Financial Times reported.
Tribune also owns 23 television stations and the Chicago Cubs.
Murdoch is interested in a minority stake in Newsday, The Financial Times said.
Newsday, based on Long Island, is one of Tribune's largest newspapers and a direct competitor to Murdoch's New York Post.
Newsday as a circulation of about 576,000 while the money-losing Post circulation is about 708,000.
As late as Thursday, a News Corp. spokeswoman said Tribune Co. is not something that (Murdoch) is looking at.
Tribune put itself up for sale last year after the Chandler family complained about the sagging stock price and what it said was poor management.
The Chandlers made one of three bids last week. People close to the process said the offers were inadequate.
The company is under no obligation to sell itself, in whole or in part. // Copyright 2007 by United Press International
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