Rupert Murdoch: L.A. Times Up for Sale

Media mogul Rupert Murdoch reportedly has inside information that Tribune Publishing is going to be purchased, leading to the splitting off of the Los Angeles Times. The executive chairman of News Corp. said that a Wall Street firm will buy Tribune.

According to Murdoch, the Times would then be acquired by KB Homes co-founder and noted philanthropist Eli Broad, along with a group of other local investors.

The Tribune has reportedly tried to cut costs recently by laying off seven percent of its workforce through buyout programs, many of whom were L.A Times employees.