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Newspaper Company Likely to Blow Deadline/Murdoch Joins the Game

burklesway.jpgThe fate of the Los Angeles Times’ corporate parent, Tribune Co., is unclear. And it will remain that way as Trib is likely to blow its afternoon deadline for responding to a bid by two billionaires.

Ron Burkle and Eli Broad will likely be told to stay in the game, even though their offer won’t be formally accepted or rejected today, the LAT reports.

Meanwhile, Rupert Murdoch’s News Corp. agreed to take a minority stake in a bid by the Chandler family, the former owners of the LAT.

Under the deal, News Corp. would get an operating agreement allowing it to cut costs by combining certain noneditorial operations of Newsday with those of its own New York Post.

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