Rupert Murdoch said antiquated media ownership laws are preventing him from getting his hands on Tribune Co, the owner of the Los Angeles Times.
"Sorry can't buy Trib group or LA Times–cross-ownership laws from another age still in place," Murdoch wrote in a tweet on July 18, referring to US government restrictions that forbid ownership of TV stations and newspapers in the same market. Murdoch's News Corp owns two Los Angeles TV stations and would need a waiver to have a newspaper there.
Tribune, publisher of the Chicago Tribune and Baltimore Sun, plans to spin off its newspapers from its TV business this year. The move mimics Murdoch's own breakup of News Corp, which last year split into two entities–a publishing group and entertainment unit–as investors increased pressure to hive off print assets from faster-growing video businesses.
Murdoch has a government waiver that lets him own the New York Post, which targets readers in the New York metropolitan area, where he also owns the Fox broadcast station. (Bloomberg)