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Will Billionaire Bag LA Times LABJ 092815.Pub www.labusinessjournal.com LOS ANGELES BUSINESS JOURNAL® Volume 37, Number 38 THE COMMUNITY OF BUSINESS September 21 - 27, 2015 • $5.00 Will Billionaire Bag L.A. Times? MEDIA: Some deep‐pocketed big names floated as buyers. By OMAR SHAMOUT Staff Reporter Austin Beutner’s ouster from the Los Angeles Times three weeks ago as chief executive and publisher of the beleaguered newspaper has kicked up a dust storm of speculation that doesn’t appear to be settling any time soon. Initial reports emerged that Beutner could be reinstated as publisher if billionaire real estate developer and philanthropist Eli Broad finally succeeds in acquir- ing the Times. Or, some said, per- haps the two men would try again to acquire the Times outright after Front-Page News: Los Angeles Times’ headquarters in downtown Los Angeles. a failed attempt in 2013. Broad isn’t the only one inter- Journal calculated at $15.3 billion Meanwhile, another local bil- ested. The Business Journal re- in May, as of late last week had lionaire is also interested in mak- ported last week that a source fa- not contacted the Times’ parent ing a bid. miliar with the situation said Dr. company, Chicago’s Tribune Pub- That person is DreamWorks Patrick Soon-Shiong, the wealthi- lishing Co., regarding a sale. Studios co-founder and record est person in Los Angeles, is in- It’s unclear whether Soon- mogul David Geffen, according to terested in buying the paper. Shiong would be the sole bidder a source familiar with the matter “It isn’t that far along, but he or whether he would partner with who also declined to speak on the is seriously considering it now,” other individuals or groups. A record. said the source, who said Soon- spokesman for Soon-Shiong de- Geffen did not immediately Shiong considered buying the pa- clined to comment. return a request for comment. per a few years ago. Soon-Shiong, who is chief ex- “There’s a group of people, The source, who was not au- ecutive of Culver City’s Nant- very wealthy people, who could thorized to speak publicly on the Works and made his fortune in be interested,” said former Los matter, added that Soon-Shiong, biopharmaceuticals, has never Angeles Mayor Antonio Villarai- whose net worth the Business owned a media company. gosa in an interview with the was subsequently rejected by the last meeting at the paper “for a Business Journal. company. while,” helping fuel speculation Mickey Kantor, a former U.S. Tribune Publishing also re- that he considered his firing only Commerce secretary now han- buked a public entreaty from L.A. a temporary hiatus. dling corporate transactions as an power brokers to restore local Greif confirmed that character- attorney at Mayer Brown in leadership, releasing a statement ization of Beutner’s exit. downtown Los Angeles, also con- reaffirming its commitment to the “The way Austin left the firmed the existence of multiple Times and newly appointed pub- newsroom, that meeting was kind interested parties in addition to lisher Tim Ryan, who joined from of like when Gen. MacArthur left Broad. the Baltimore Sun. the Philippines, which was, ‘I’ll “There are potentially other be back.’” people involved,” said Kantor. Power in numbers Karsh, too, might play a role in Villaraigosa and Kantor are Last week, Crain’s Chicago a potential bid, suggested Greif. among 66 Southern California Business reported that Broad has “It would not at all surprise me civic leaders, including former tried to enlist Oaktree Capital to see Oaktree being involved,” Mayor Richard Riordan – and Management co-Chairman Bruce he said. Broad – who urged Tribune to Karsh, whose company owns Broad, Beutner and Karsh did institute local leadership at the nearly one-fifth of Tribune Pub- not return requests for comment. Times in a letter last week. Nei- lishing stock, in the fight to regain ther Soon-Shiong nor Geffen local control of the Times. Sum of parts were signatories to the letter. Broad, Beutner and Karsh are Given that Tribune Publishing Villaraigosa appointed Beut- reported to be on friendly terms. doesn’t seem interested in selling ner, a former investment banker “I’ve spoken to him multiple the Times, a buyer could be and financial analyst, as his first times,” said Villaraigosa regard- forced to make a move for the deputy mayor in 2010. ing Broad and his interest in the company as a whole through a “I’m hoping that a private individ- paper. “I expect he’s very, very tender offer for all the company’s ual or a group of private individu- serious.” shares. als who love Los Angeles and Veteran L.A. investment bank- “That’s probably what they’re want a Los Angeles-owned news- er Lloyd Greif said he expected going to have to do,” said Vil- paper will buy the L.A. Times,” Broad to make another move to laraigosa. “Tribune doesn’t want added Villaraigosa. buy the paper soon, but added it’s to separate the California newspa- The question remains whether unlikely he’ll go it alone. pers because they’re the most or not Tribune Publishing would “I think it would be Eli and profitable.” be willing to part with the jewel in Austin for sure,” said Greif, a for- Greif agreed that a buyer its publishing crown, which along mer consultant to New York me- might have to acquire the whole with the San Diego Union- dia giant Hearst Corp. and chief pie in order to own the biggest Tribune reportedly accounts for executive of Greif & Co. in down- slice. 40 percent of its $1.7 billion in town Los Angeles. Greif added “I don’t rule out an acquisition revenue. that Broad would need Beutner’s of the news group overall and Earlier this month, the Busi- expertise to run the paper. then subsequent transactions ness Journal reported that Tribune After Beutner’s dismissal, where they are slicing and dicing Publishing’s chairman, Eddy magazine Politico reported that it,” said Greif, whose company Hartenstein, had solicited an in- the soon-to-be former chief exec- specializes in media and entertain- formal offer for the Times and utive and publisher told his as- ment deals. “I think this is an ex- Union-Tribune from Broad that sembled staff that it would be his ample of where the sum of the pieces would be worth more than be taken private by a new owner which would trim the editorial the whole.” are between 30 percent and 40 department’s employees by one- Tribune Publishing’s stock percent. fifth. closed at $8.27 on Tuesday, put- “That isn’t going to happen In response to Khorsand’s ting the company’s market capi- here,” said Greif, based on his memo, a Tribune spokesman is- talization at less than $218 mil- analysis of Tribune Publishing’s sued the following statement to lion. Its portfolio consists of 10 financials. “Maybe you see a 10 the Business Journal: daily newspapers in eight major or 20 percent premium,” which “We are focused on executing U.S. markets. The company’s would put the purchase price our five-point strategic plan and stock price has been cut by more north of $600 million, including delivering value for all sharehold- than half since late April, when it the debt. ers and stakeholders.” sold for more than $19. Should Tribune Publishing Tribune said last week on an Tribune Publishing reported decide to sell California News investor conference call that Beut- net income of $42 million last Group, which houses the Times ner was fired for not adhering to year, a 55 percent decrease from and the Union-Tribune, it could that plan, which consists of an the previous year, due mainly to be a strong indication that a mass increased focus on digital chan- lower ad revenue and costs asso- selloff is in the cards. nels, cost cuts, diversified revenue ciated with its split last summer “I think that would end up be- streams, a new national advertis- from broadcasting and digital en- ing step one of liquidation,” said ing plan and accretive transac- tity Tribune Media Co., according Greif. tions. to a Securities and Exchange In research memo released late One Times newsroom staffer, Commission filing. Tribune Pub- last week, Khorsand blasted Trib- who spoke on condition of ano- lishing’s net income for the sec- une for its handling of the Beutner nymity, said losing that many ond quarter was only $3.4 million, firing, while expressing doubt that people would hurt the quality of way below the same quarter last the company can turn the paper’s the paper significantly. year. fortunes around. He went so far as “And even worse if they don’t Although the company’s mar- to recommend the company sell re-invest immediately,” added the ket cap seems low enough to en- itself to Warren Buffett’s Berk- employee, noting that his col- tice interest, buyers would also be shire Hathaway Inc., which owns leagues are filled with confusion faced with Tribune Publishing’s dozens of local newspapers and resignation regarding the de- $386 million in long-term debt throughout the country. cisions by Tribune Publishing and $129 million in pension and Khorsand noted that other fac- Chief Executive Jack Griffin to postretirement benefits payable as tors could change Tribune Pub- fire Beutner and slash the compa- of June. lishing’s tune regarding a possible ny’s budget. Beyond that, Tribune analyst sale of the Times, including de- Yet, the source remains opti- Hamed Khorsand of BWS Finan- clining morale among employees mistic.
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