According to published reports, Sam Zell is in talks with fellow billionaire David Geffen about Geffen possibly taking control of the L.A. Time in some sort of spin off or joint venture deal. If this is the case and it does happen, this would be a huge win for Geffen who initially took a run at the paper only to back off when it became clear that the flip flopping board of Tribune wanted to sell the whole Tribune pie. -NEIL YOSHIDA

Meanwhile, a source familiar with Geffen's thinking who spoke on condition of anonymity because negotiations are ongoing said Geffen has spoken with Zell since Monday's announcement and is optimistic that he may gain control of the Times, either in a spinoff deal or a joint-venture partnership. Geffen's original $2 billion offer for the Times was turned down in November.

"Yes, I continue to want to buy the Los Angeles Times," Geffen said in an interview yesterday.