• Reuters , Wednesday, March 11, 2009 9:31 AM

Eli Broad, a wealthy philanthropist who once looked at buying the Los Angeles Times, is still interested in the newspaper business.

Real estate magnate Sam Zell took Tribune Co.--owner of the L.A. Times--private in an $8.2 billion deal that loaded the company with debt. Tribune filed for bankruptcy protection last year, and the L.A. Times is expected to be put up for sale again.

"I would like to see our foundation and others join together to own the Times," says Broad. He acknowledges that the paper would have to change. "I am not sure it can be a national paper, or have the same aspirations it once had." Broad adds that one way to broaden reach could be a partnership with The Washington Post. Broad admits that newspapers, as a business proposition, are weak. "They ought to be owned by foundations, [and] not look for great financial returns," he says.

One example is the UK's Guardian, owned by the Scott Trust Limited, which was created in 1936 to protect the legacy of former Guardian owner C.P. Scott. Broad sold his company SunAmerica, a provider of retirement products, to AIG in 1999 for $18 billion.

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