Tuesday, August 27, 2013

Dodgers Owner Explores Purchase of L.A. Times

Mark Walter
Mark Walter, the controlling owner of the Dodgers, said Friday he has been exploring a possible purchase of the Los Angeles Times, according to their news story.

"The Los Angeles Times says something," Walter said before the Dodgers played the Boston Red Sox at Dodger Stadium. "It means something. It's a brand. I think people have undervalued that. If the price were right, I would buy it."

Walter is the chief executive of Guggenheim Partners, a Chicago-based financial services firm that controls more than $180 billion in assets, according to its website. He said he is interested in acquiring both The Times and the Chicago Tribune — in part because he is interested in increasing the diversity and improving the quality of information available to the public. Both papers are owned by Tribune Co.

"We want the L.A. Times to be strong," Walter said. "We want the Tribune to be strong."

Walter did not elaborate on what action, if any, he has taken toward making a deal. He contributed $100 million to the $2.15-billion purchase of the Dodgers last year, with the majority of the money coming from Guggenheim insurance funds.

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