So David Geffen made a formal all-cash offer of $2 bil — less than half of his $4.6 estimated net worth — for the Los Angeles Times last month, and parent company Tribune has declined to accept or reject the bid. So says the oracle on Spring Street today. As you know, billionaires Eli Broad and Ron Burkle, the conservative arm of the Chandler family, and god knows who else, are also interested in scooping up the paper. The price Geffen wants to pay exactly confirms what sources have been telling me for months: this is what the Hollywood mogul thinks the LAT is worth. Over the past months, I’ve been reporting about Geffen’s plans in more detail than the Wall Street Journal‘s recent Geffen interview. DHD readers already knew that Dreamgirls is David’s last hurrah in Hollywood because he’s sick of the movie biz, or that he’ll do whatever it takes to build up the LAT into a pre-eminent newspaper.
Read my previous posts and columns: NYT vs LAT On Subject Of David Geffen, David Geffen’s Changes For The LA Times, David Geffen, Chicago calling On Line 1 , LA Times: Sleepers At David Geffen’s, Geffen “Confident” of LAT Buy, David Geffen/LAT