Looks like Rupert Murdoch can’t acquire everything he wants. “Sorry can’t buy Trib group or LA Times — cross-ownership laws from another age still in place,” he tweeted overnight. He salivated over Tribune‘s papers which include the Chicago Tribune, Baltimore Sun, as well as the Los Angeles Times. The parent company has wanted to sell them, and now plans to spin them off in a separate entity that will be publicly traded beginning August 4.
Murdoch still has plenty to keep him busy: Fox disclosed this week that it made an $80B offer for Time Warner, which the company rejected. And News Corp — Murdoch’s publishing company — is eyeing Time Inc, the publishing company that Time Warner just spun off.
In the case of the thwarted Tribune effort, Murdoch clearly blames FCC rules that limit the ability of a person or company to own newspapers and TV stations in the same market. He has vigorously lobbied to change those rules, which his company and others say are anachronistic at a time when the newspaper business is reeling from lost ads and circulation.
Murdoch seems ready to renew his love affair with Twitter, which cooled in recent months. “Sorry, I have been busy lately with many preoccupations!” he tweeted last night. Like what? “Just had exciting week in Australia with great team digging company out of many holes. Also met great group of young inventors.”