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HomeAll newsMost read newsBusiness Leaders Biography
Age : 60
Public asset : 3,306 USD
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Biography : Mr. David K. Koch is Chief Operating Officer at Boomerang Systems, Inc.

Koch Brothers decide not to buy the Tribune newspapers

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08/23/2013 | 04:21am CET
David Koch, executive vice president of Koch Industries, applauds during an Economic Club of New York event in New York

Charles and David Koch, two of the world's richest men, have walked away from talks to buy the Tribune Co's newspaper assets, concluding that the papers were not economically viable.

Their company, Koch Industries, continues to have an interest in the media business and is exploring a broad range of opportunities, spokeswoman Melissa Cohlmia said, confirming a report on their Tribune decision by the Daily Caller news website.

The Daily Caller said the brothers had decided not to pursue the newspapers, which include the Chicago Tribune and the LA Times, as Tribune Co plans for them to be separated from web sites like CareerBuilder.com which could leave the newspapers without an important source of revenue. (http://link.reuters.com/cux52v)

Koch Industries is a sprawling conglomerate whose holdings include crude oil and natural gas pipelines, paper products like Dixie Cups and Angel Soft toilet tissue, and cattle ranches. The brothers are known for their conservative views.

(Reporting by Lehar Maan in Bangalore; Editing by Edwina Gibbs)

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