Oil magnates think Tribune newspaper business wasn’t economically viable

by Brian Leubitz

In the end, their desire to make a buck overcame their desire to control the press in LA, Chicago and other cities.

Billionaire industrialists David and Charles Koch have scrapped their efforts to buy the Los Angeles Times and other Tribune Co. newspapers, a Koch Industries spokeswoman said.

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The Kochs’ decision not to pursue the newspapers was first reported by the Daily Caller, a news website founded by conservative pundit Tucker Carlson and Neil Patel, former advisor to former Vice President Dick Cheney.

The website, citing unnamed sources with knowledge of the proceedings, said the Kochs conducted due diligence and determined that the newspapers were “not economically viable.” They have not been interested in buying the newspapers for “a couple months,” the website reported. (LA Times)

Well, I suppose they could have let the cat drift out of the bag sooner, but perhaps they enjoyed seeing progressive organizations get riled up on the matter. Or not.

Groups like the Courage Campaign and the California Labor Federation had been preemptively fighting any sale of the Times to the Koch brothers since word leaked out months ago. The Koch Brothers funding of anti-labor organizations worried many progressives that the sale would skew the editorial direction of the paper far to the right. Needless to say, many excited press releases went out today. Here is the statement from the Labor Federation:

“Today’s news that the Koch Brothers won’t buy the LA Times and others Tribune Co. newspapers is a major victory for proponents of a free and democratic press.

“For months, the California Labor Federation, media watchdogs and progressive groups have raised serious concerns about the effect of handing control of major news outlets over to the Kochs. The Kochs’ interest in the Tribune Co. was no doubt fueled by a desire to further their anti-worker, anti-environment agenda by using those media outlets as a megaphone for their extreme ideas.

“Journalistic integrity is vital to free society. The power of a free press is essential to providing the checks and balances needed to protect democracy. We’re pleased that the Tribune Co. won’t fall under the control of the Kochs, and we remain vigilant in our efforts to protect journalistic institutions from being corrupted by those who want to use them to serve their own agendas.”