Media Mayhem

The moguls are on a buying spree...

The latest: Ron Burkle is eyeing tabloid publisher American Media. After he lost the LA Times to Sam Zell, who snapped up the Tribune company (Burkle made a bid with Eli Broad), he's turned to more low-brow fare. American Media has Star, National Enquirer, and less well-known names like Flex and Muscle & Fitness. It's also got tons of debt.

The story is Burkle is looking to merge AMI with junk-mail company Source Interlink Companies, which Burkle owns a controlling stake of through Yucaipa, his investment company. This isn't Burkle's first foray into the land of print publications; he's the investor behind Radar, a magazine that keeps re-launching as a print publication, which has a solid Web site with all sorts of commentary on media and celebrities.

And the saga marches along... Carl Icahn wants a seat on Motorola's board but doesn't seem likely to get it. The Bancrofts have turned their noses up at Rupert Murdoch's rich $5 billion offer for Dow Jones , and he's busy trying to cozy up to the fam, looking for a way to make it work. And the Dolan family finally is doing what everyone thought they'd do for years -- they're buying out Cablevision -- the company they founded -- for $10.6 billion.

So much money's trading hands and so many media properties are suddenly of interest... What's in the air? Or more aptly, what are they serving for lunch over at the Four Seasons in midtown Manhattan and The Grill in Beverly Hills? The moguls' money must be burning holes in their pockets.

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