Rupert Murdoch Might Also Buy the Chicago Tribune [Updated]

Rupert Murdoch, Chairman and CEO of News Corporation, attends the Allen & Company Sun Valley Conference on July 13, 2012 in Sun Valley, Idaho. Photo: Kevork Djansezian/Getty Images

Earlier this week, Rupert Murdoch's own Wall Street Journal reported that the mogul was looking into buying the Los Angeles Times. Last night, the Times itself confirmed that News Corp. was in "preliminary talks" about the acquisition, and added that Murdoch was also considering taking on the Chicago Tribune. Both papers are published by the long-struggling Tribune Company, which is expected to emerge from bankruptcy soon. While the purchases could violate regulations that prevent ownership of TV channels and newspapers in the same market (News Corp. has stations in both Chicago and L.A.), the Federal Communications Commission has granted waivers to such rules in the past. And really, who would want to get in the way of Murdoch's dream of a owning beleaguered American newspapers from coast-to-coast? Update: News Corp. has released a statement calling reports that the company is in discussions with the Tribune Company or the Los Angeles Times "wholly inaccurate."