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NEW YORK - Hank Greenberg, the octogenarian insurance industry giant who was forced out as chairman of AIG last year, is planning to launch a second career as a media mogul with a multi-billion dollar bid for one of the biggest newspaper groups in the US. He has emerged as a potential buyer for Tribune Group, the owner of the Los Angeles Times, which is up for sale this year after a boardroom split over its future direction.
His interest in newspapers may also extend to bids for other groups, including the owners of the Boston Globe and the Wall Street Journal.
A spokesman confirmed that the 81-year-old former executive has been "exploring several options regarding media companies", adding him to a growing list of billionaire businessmen looking at acquisitions in a newspaper industry struggling to adapt to the internet age.
Other wannabe-media barons include Jack Welch, the former chairman of General Electric who wants to buy the Boston Globe, and David Geffen, the music and movie industry veteran who is after the LA Times.
Average circulations of the US's biggest 770 papers dropped 2.8 per cent in the six months to September 30.
- INDEPENDENT
