News Corp Chairman and CEO Rupert Murdoch is looking to purchase the Los Angeles Times, one of the country's largest newspapers, from struggling media conglomerate Tribune Co, the newspaper reported on Friday.Murdoch is also eyeing the Chicago Tribune, whose publisher Tribune Co is now trying to exit bankruptcy, according to the paper. News Corp executives are in early talks with Tribune Co debtholders, including hedge fund Oaktree Capital. The company wants to secure footholds in Los Angeles and Chicago, according to the Los Angeles Times.Murdoch has long eyed the LA Times, the newspaper reported. Oaktree declined to comment, while News Corp did not respond immediately to requests for comment.Wall Street has speculated that the company will take to the acquisition trail after its split into two businesses, one for entertainment and the other for publishing, to bulk up its holdings in a newspaper industry ravaged by advertising revenue losses and declining readership.
News Corporation is a diversified global media company. Shares of NWSA fell by 2.01% or $-0.51/share to $24.91. In the past year, the shares have traded as low as $15.93 and as high as $25.50. On average, 14609600 shares of NWSA exchange hands on a given day and today's volume is recorded at 14554629.
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