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LA billionaire hints at purchasing LA Times

May 5, 2012 12:34:18 AM PDT
Los Angeles' leading philanthropist, billionaire Eli Broad, who has just written a book, shares the secrets of his success and hints at possibly buying the Los Angeles Times.

He visited the construction site of what could become his personal crown jewel on Grand Avenue: The Broad, a new contemporary art museum for his vast collection, and it could potentially be another architectural landmark downtown.

"Grand Avenue is the new cultural and civic region of the whole district of 15 million people," he said.

In "The Art of Being Unreasonable: Lessons in Unconventional Thinking," Broad writes about his reasons for giving back, and he describes how being unreasonable - rejecting conventional thinking - led to his success in business.

He's joined the pledge to give away his billions not only to the arts, but education, medical research and more.

And more could mean another effort get the L.A. Times back into local ownership. In his book, he predicts the Times will be sold with Tribune's bankruptcy.

"I think the L.A. Times ought to be owned by people in Los Angeles, whether it's wealthy families or foundations or some combination, and at some point it's going to be offered. I don't know when, and I hope it does end up with responsible, local ownership," Broad said.

When asked if that could possibly be him, he responded, "And others."

Broad's first Grand Avenue fundraising effort was MOCA, the Museum of Contemporary Art, which now bookends his new museum.

Broad writes about how he's had four careers, and at 78, he doesn't appear to be retiring yet. He says, "I've been driven to accomplish a lot of things, and I feel good about it."


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