While I often question whether to spend half my pocket change on the Los Angeles Times, David Geffen has today offered $2 billion, getting close (in billionaire terms) to half of his $4.6 billion fortune–in cash!–for it.
Of course, in his case it is ownership of the institution, not merely possession of a paper copy, at issue.
The Tribune Co. that owns the current institutional home of beloved and much-missed ex-Reasoners Matt Welch and Tim Cavanaugh has not jumped on the offer–they are still hoping to sell the entire company, not just the Times.
An old book review from me that surveys the roots of Geffen's stunning wealth in that crazy rock n' roll world where businessmen were waiting there to sell plasticware.
My account from the Wall St. Journal back in July 2002 of Geffen's fight for his right to keep the public from cutting across his yard to get to the ocean.