*What to make of LAT rumors

There's no telling what might or might not be up with Sam Zell selling the LAT to David Geffen. Kevin Roderick over at LAO has been told second hand that the talks are serious (his source heard it from three reliable sources). Nikki Finke has a source telling her that "Geffen is back in the mix and he's going to get it for a deep discount." But Finke also reports that Geffen has been on his yacht in the South Pacific for weeks, which wouldn't seem like the ideal way to cut a deal. Bottom line: who knows? Typically, a sale this large would involve considerable due diligence, which means lots of lawyers and bankers shaking the financial bushes. And that often means leaks ’a kimbo. But Geffen and Zell are not your typical bizboys, so it's conceivable that they're prepared to quickly cut to the chase. In any event, Tribune is scheduled to hold a conference call next Thursday to discuss how the company has fared since going private. The call, which will be hosted by Zell, has been in the works for weeks. The LAT rumors are sure to come up (assuming nothing breaks before then), along with the latest word on a possible Newsday sale.

*Update: Finke now has a source saying that Geffen and Zell haven't spoken in months.