Broad, Burkle still pondering bid

Just two days before the deadline to submit offers for Tribune Co., they're not sure whether to go after the parent of the LAT, according to the NYT. A story in tomorrow's editions notes that the Broad/Burkle team was still analyzing company data. “You could make the case that trying to sell now is like selling condos in Miami,” a Tribune investor told the paper. “Nobody wants to bid now because everyone thinks the price will be lower next week.” From the NYT:

Exactly what the agendas of Mr. Broad and Mr. Burkle might be — and where their elbows might fly — is difficult to measure. Neither would comment. Both have expressed interest in owning The Times as a civic duty. But some people who know both men wonder whether they will be able to work together. Mr. Broad and Mr. Burkle have very little in common, they say. “They are both interesting men, but they are from different worlds,” said Richard Riordan, the former Los Angeles mayor. He has traveled with both men on a yacht leased by Mr. Broad in Italy and Greece.

The piece includes one ridiculous line that epitomizes the NYT's view of L.A.: "Neither man is part of the traditional Hollywood studio crowd. When asked about the two, several studio executives said they did not know them or did not know them well." In other words, assessing these very successful billionaires is somehow predicated by their connection - or lack of connection - to show business. By the way, Broad and Burkle are being advised by UBS Securities and Frank Biondi, former CEO of Universal and Viacom. If they do decide to bid, it might not be until the last minute.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
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