The Hollywood Reporter filed quite the publishing scoop last night: Los Angeles billionaire investor Eli Broad has joined former L.A. Deputy Mayor and retired Wall Street tycoon Austin Beutner in his efforts to purchase the Los Angeles Times from the Tribune Company, which is seeking a buyer or buyers for its newspaper business. Beutner and Broad are reportedly interested in transitioning the paper into a non-profit. Karen Denne, a spokesperson from Broad, told the Reporter, “Mr. Broad has always believed in local ownership of the Times.”
Beutner and Broad make an interesting pair. Before he rose to power under Mayor Antonio Villaraigosa in 2010, hardly anyone in L.A. had heard of the former, while the latter has arguably influenced the city more than any other private citizen over the last thirty years.
Want to know more about the men whose visions for Los Angeles might one day shape the Times? Gabriel Kahn’s 2011 profile of Beutner depicts a man short on political experience but long on drive, while Ed Leibowitz’s 2003 feature on Eli Broad reveals a billionaire determined “to shape a cultural mecca out of L.A.’s void.”
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