The Times Of Geffen

Veteran label exec and all-around mogul David Geffen is considering diversifying his portfolio, several sources report, by making an informal all-cash offer to purchase the Los Angeles Times.

The newspaper’s current owner, The Tribune Co. of Chicago, recently announced plans to cut back staff at the Times, and 20 L.A. business leaders signed a letter pressuring it to sell to a more local entity.

The Times reported that Geffen made his own separate, stand-alone offer.