A spokesman for Koch Industries declined to knock down rumors that the privately held petrochemical conglomerate is considering a play for the troubled Tribune Company, which owns 18 newspapers across the country including the Chicago Tribune and the Los Angeles Times.
Koch Industries spokesman Melissa Cohlmia told the Washington Free Beacon,"We respect the independence of the journalistic institutions referenced in today’s news stories, but it is our long-standing policy not to comment on deals or rumors of deals we may or may not be exploring. "
LA Weekly reported this morning that the Kochs may be considering a bid on either the Tribune Co. newspaper group or the entire Tribune Company, which includes more than 20 television stations across the country.
Koch Industries has a record of acquiring failing companies and turning them into profit centers, most notably with the purchase of Georgia-Pacific, a pulp and paper company that could allow the Kochs to cut costs at the struggling Tribune by keeping printing costs down and sourcing the paper in house.
The Kochs have been a frequent target for the media owing to their support of free market and conservative causes, while some of their super-rich peers—such as Carlos Slim, Warren Buffett, and Michael Bloomberg—have invested millions in the struggling news business and have often escaped scrutiny by the journalists they employ.