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. (more…)