Maurice R. Greenberg, the former American International Group chairman, is examining the possibility of investing in the media business, his spokesman said today.
“Mr. Greenberg is exploring several options involving media companies. That's all anyone can say at this time,” said his spokesman, Mark Corallo, the former U.S. Justice Department public affairs director under the Bush Administration.
The New York Times reported today that Mr. Greenberg was considering making a bid for the Tribune Company.
A Chicago-based media conglomerate, Tribune Company has holdings that include 11 daily newspapers (including the Chicago Tribune, Los Angeles Times and Newsday in New York), 25 television stations, cable network Superstation WGN, Chicago's WGN-AM radio and the Chicago Cubs.
In August, the Tribune Company said it had sold WATL-TV in Atlanta for $180 million as part of a “performance improvement plan” involving $500 million in asset sales.
Mr. Greenberg was ousted last year as chief executive officer and chairman of AIG after a probe by New York Attorney General Eliot Spitzer of alleged accounting irregularities that led the company to restate income for several years and reach a settlement that saw it adopt a variety of oversight controls.
Although the company settled, Mr. Greenberg is contesting the civil charges that resulted from that investigation.
He currently controls the New York holding company C.V. Starr & Co. Inc., which has insurance agencies and more than $3 billion in investment assets that include public and private equity, hedge funds and alternative assets.
Mr. Greenberg also controls Bermuda-based Starr International, which is held by an Irish charitable trust, and holds roughly $21 billion in AIG common stock.
According to the Times report, Mr. Greenberg might also be interested in a media company buy that involved other investors.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
