LA Billionaire Wants To Turn LA Times Into A Nonprofit


Los Angeles real estate titan Eli Broad — net worth $6.7 billion — considered buying the Los Angeles Times a couple years ago, but Sam Zell and Tribune Co. cut him in line.

Now Eli says he’d like to see his charitable foundation join with others to save the paper from bankruptcy.

Reports Reuters:

Eli Broad, a wealthy philanthropist who once looked at buying the Los Angeles Times, is still interested in a foray into the newspaper business, he told a gathering in New York on Monday night.

‘We can’t afford to lose good newspaper journalism, investigative reporting,’ the 75-year old retired business maven said during a lecture on business in philanthropy at the 92nd Street Y in Manhattan.

Broad, jokingly, said: ‘I’ve regained my sanity since then,’ referring to his earlier interest. But turning more serious, he added: ‘I would like to see our foundation and others join together to own the LA Times.’

Photo: TheTruthAbout…

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