This just in from the Wall Street Journal, which has been on top of this financial story from the beginning: “The first round of bids for Tribune Co. have come in low, prompting the newspaper and TV company to notify bidders that it is now prepared to consider offers for parts of the business, say people familiar with the situation. Tribune’s move opens up the auction to people interested in bidding for individual assets such as the Los Angeles Times… A much wider group of people is likely to show interest in specific assets. Wealthy individuals such as David Geffen, Eli Broad and Ron Burkle have already come forward signaling their interest in acquiring the Los Angeles Times.” Meanwhile, I just heard today that Geffen’s reason in part for wanting the paper is because of the liberal Hollywood mogul’s obsession with the LAT‘s editorial and opinion sections and how boring, inconsequential and wrong-headed he believes they are. Oh, by the way, Geffen’s hanging out these days with Frank Rich, The New York Times columnist. And the mogul has sold yet another painting at the top of the art market, this time a classic drip painting by Jackson Pollock for about $140 million, prompting more speculation it’s for his LA Times war chest. For more depth on Geffen’s pursuit of the LA Times, see my previous: LA Times: Sleepovers at David Geffen’s, Why Is David Geffen Selling His $$$ Art?, Geffen ‘Confident’ LA Times Buy, David Geffen/LA Times