If David Geffen wants the Los Angeles Times so badly, new Tribune Co. (NYSE: TRB) owner Sam Zell should let him have it.

Zell has plenty of other headaches to deal with in taking over the Chicago-based media company. The Los Angeles Times is chief among them.

The LA Times, which is one of the best newspapers in the country, is a mess. Circulation is falling at about double the national average. LA Times editor James O'Shea told the New York Times that he believed that the drop stabilized at the end of last year and added that online readership is growing though as the New York Times points out, ``he could not site specific figures."

In plain English that means that the paper's online business is stiil tiny compared with the print business. That's the case with all daily newspapers. But big city papers such as Tribune's Newsday, Baltimore Sun and Chicago Tribune, are in fierce competition for readers from local papers and Internet sites which makes the circulation declines more problematic.

Zell reportedly has no great passion for the newspaper business. The Wall Street Journal points out that Zell is likely to seek further budget cuts "a move that will likely be on popular with staff, particularly at the Los Angeles Times."

Unpopular? That may be an understatement. Editor Dean Bacquet stepped down last year amid a dispute over budgets. More journalists will bolt if there is further belt-tightening and morale will continue to plunge. Tom Taulli pointed out the potential pitfalls employees will face from the employee stock ownership plan Zell created to buy Tribune.

If Geffen wants to take on some if not all of the risks of a risky media property, Zell should sell him an interest in the LA Times or the whole paper outright.

Maybe the LA Times staff will find the inevitable cuts more palatable if they come from a local billionaire rather then one from Chicago. He has plenty of other things on his plate now.