Chandler Family to David Geffen: $2 Billion aint enough

David Geffen must have read the sale tag on the Los Angeles Times incorrectly because according to reports, the billionaire was about $1 billion short on his offer. Tribune shareholders, including the influential Chandler family, believe the value of the L.A. Times is closer to $3 billion and have said any sale of the paper would have to be done as a tax-free transaction, sources said. Taxes on a $3 billion sale of the L.A. Times could be as much as $900 million, some analysts estimate. But sources said the newspaper could be sold tax-free by engaging in a so-called "sponsored spin-off," in which Geffen or another buyer owns about half of the newspaper and public shareholders own the rest. Hey Dave. You should just join the Burkle Broad team and go after the whole Tribune stable. A BILLION $HORT [NYP]