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, a source familiar with his plans told Reuters on Friday.News Corp executives -- including Murdoch's son James -- flew into Los Angeles twice this month to take a preliminary look at the storied daily's books, said the source, who spoke on condition of anonymity because the meetings were not publicized.Rupert Murdoch is also eyeing the Chicago Tribune, whose publisher Tribune Co is now trying to exit bankruptcy. 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, which first reported the news.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.
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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