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Rupert Murdoch at the National Summit on Education Reform on Oct. 14, 2011 in San Francisco. Could he buy both the Wall Street Journal of England and the L.A. Times?
Bloomberg reported Tuesday that the Financial Times — the Wall Street Journal of England — was being put up for sale, with a price tag of $1.6 billion. The way things are going for newspapers these days, that was an eye-popping number and immediately set off speculation about who might have the deep enough pockets to buy the FT (but not its sister publication in its corporate stable, The Economist).
Given that News Corp. just reported great quarterly earnings and has $10 billion in cash on hand, Rupert Murdoch's name rose to the top of the list. Murdoch already controls the Wall Street Journal and has been talked about as a buyer for the Los Angeles Times and the Chicago Tribune, both owned by Tribune Co.
Tribune is in the process of emerging from bankruptcy and it's expected that the new owners, a group of private-equity funds and investors including L.A.-based Oaktree Capital Management, will want to sell off the newspapers along with their challenged, although not necessarily desperate, economics and concentrate on broadcast operations.