There was a report in The Intersect, a Substack from Joe Bel Bruno “where Wall Street and Hollywood collide,” on Sunday that Jay Penske is in “early talks” to buy the Los Angeles Times. The Penske Media Corporation is a serious player. It owns The Hollywood Reporter, Rolling Stone and Variety.
So, is this talk of a sale true or just a rumor?
We’ve been down this road before — rumors of a Times sale, denials by the owner and then, true to the owner’s word, no sale.
Let’s get to the denial. Times owner Patrick Soon-Shiong tweeted early Monday, “Fake news (if you call the piece news) that we are in discussions to sell the LA Times. Completely fabricated. We are committed to grow this most important newspaper on the West Coast and the journalistic need to speak truth to power.”
