By: Erica Werner, Associated Press Writer
(AP) Former Mayor Richard Riordan said Wednesday he plans to start a newspaper offering an alternative voice to the Los Angeles Times, the paper he feuded with during his eight years in office.
Riordan, 71, a multimillionaire who last month lost a bid to become the Republican candidate for governor, said he hopes to start publishing this summer and focus on local news with columns about the media and the Internet.
His target audience would be 25- to 50-year-old homeowners. Riordan has not yet decided on a name or whether the paper would publish daily.
Riordan, who stepped down as mayor in June, accused the Times of ignoring positive stories about Los Angeles and focusing on national and international news to the exclusion of local stories. “This town needs a paper that’s going to put our city more into perspective and show more respect for the city,” Riordan said in an interview with The Associated Press.
Times officials did not immediately return a call for comment.
Riordan expected the start-up cost to be at least $5 million and said there would be other investors. Riordan would serve as editor-in-chief.
In addition to the Times, the area is served by the Daily News and two alternative weeklies, the L.A. Weekly and New Times, and dozens of ethnic papers and niche publications.
Riordan’s announcement came one day after a new broadsheet in New York, The Sun, hit the streets.
“The history of establishing a daily newspaper in a market already served by an established daily is pretty much a history of unrelieved failure,” said newspaper analyst John Morton with Maryland-based Morton Research Co. Morton said it would cost tens of millions of dollars to start a daily and keep it going.