Media giant News Corp. is near a deal to sell its political magazine, Weekly Standard, to Denver billionaire Philip Anschutz, the Los Angeles Times said, citing people familiar with the situation.
Now that Murdoch owns the Wall Street Journal, which reaches a bigger number of people, he may not really need the Weekly Standard, the paper said. There has been no mention of the value of the deal, reports Reuters.
Jack Horner, corporate affairs and communications director for News Corp., declined to comment on the report, and Anschutz spokesman Jim Monaghan said, "We do not comment on speculative articles or statements by people," reports the Denver Post.
Anschutz is not unfamiliar with the print media business, as he already owns The San Francisco Examiner and The Washington Examiner newspapers.
The Times opines that "Anschutz, whose net worth is estimated by Forbes to be close to $8 billion, has long been an advocate of conservative causes and owning the Weekly Standard could boost his political influence even further."
Anschutz originally made his fortune from oil on his Utah/Wyoming ranch, but business Web site Hoovers describes Anschutz as a one-man entertainment conglomerate: "Anschutz Entertainment Group owns sports and entertainment centers throughout the US, as well as hockey, soccer, and other pro sports teams in the US and Europe. It promotes concerts and other events as well. Other Anschutz holdings include movie chain Regal Entertainment Group, and the family-oriented Anschutz Film Group."
© 2013 Newsmax. All rights reserved.