No Murdoch bid for newspaper group

July 19, 2014 - 6:38:27 am

NEW YORK: Media tycoon Rupert Murdoch has indicated he won’t bid for the newspaper group that includes the Los Angeles Times, saying he would be barred under US cross-ownership rules.

Murdoch made the comments on Twitter on Thursday, just days after Tribune Co. approved a spinoff of its newspaper division — including the big Los Angeles Times and Chicago Tribune dailies — for August 4.

“Sorry can’t buy Trib group or LA Times — cross-ownership laws from another age still in place,” he tweeted.

US regulators have for now put off discussion on easing the rules that bar ownership of both television stations and newspapers in the same markets.

Murdoch last year split his empire into two firms including News Corp, which operates the Wall Street Journal and other newspapers around the world, and the television-film group 21st Century Fox.