APR302013
8UDGET
&
FiNANCE
MOTION
TheLosAngelesTimeshasbeenpublisheddailyintheCityofLosAngelessince1881.In2008itwasthesecondlargestmetropolitannewspaperincirculationintheUnitedStates.IthaslongbeenviewedasacoreparticipantintheCity'sciviclife.In2000itwaspurchasedbytheTribuneCo.RecentmediareportsindicatethattheTribune'snewowners,investmentfirmsOaktreeCapitalManagement,basedinLosAngeles,Angelo,Gordon
&
Co.aswellasfinancialagentsJPMorganChase,were"onamissiontomonetize"themediafirm.ThiseffortraiseslegitimateconcernsthattheacquisitionoftheLosAngelesTimesbyideologicallymotivatedentitiescouldjeopardizetheprofessionaljournalismofthispaperwhichissuchavitalcomponentofourciviclife.LosAngelesneedsapaperthatcontinuestomaintainthehighestcommitmenttoprofessionalandobjectivejournalism.WecannotsupportthesaleoftheTimestoentitieswhoTimesreaderswouldviewasapoliticaltransactionfirstandforemost,turningL.A.'smetropolitandailyintoanideologicalmouthpiecewhosecommitmenttoempiricaljournalismwouldbeunprovenatbest.Anewspaperisn'tjustabusinessit'salsoacivictrust.AsaCitywhichsupportsprevailingwages,reductionofgreenhousegases,empoweringwomentomaketheirownhealthcaredecisions,marriageequality,responsibleguncontrol,increasingtransparencyincampaignfinance,investinginAmericaninfrastructure,economicjustice,amongotherpolicies
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values,weneedtoexerciseourchoiceinthepurchaseofgoodsandserviceswithvariouscompaniesthatdobusinesswithrespectforthefundamentalpolicieswesupportandvaluesthatweshare.ITHEREFOREMOVEthattheCouncilsupporttheacquisitionoftheLosAngelesTimesbyanynewownerwhohasdemonstratedacommitmenttomaintainingthisimportantcomponentofourciviclifeonthehighesttermsofprofessionalandobjectivejournalism.IFURTHERMOVEthattheOfficeofFinance,theCity'SthreepensionfundsystemsandanyotherCityinvestmententity,andincoordinationwiththeCityAdministrativeOfficer,bedirectedtoreportin45dayswithrecommendationstosetinplaceappropriatecriteriaandpoliciestogoverntheCity'Sinvestmentactivitiesconsistentwiththeaboveefforttosupportprofessionalandobjectivejournalism.PRESENTEDBY:
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BILLROSENDAHLCouncilman,11thDistrict
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SECONDEDBY:
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