Burkle company buys 78 specialty magazines.

Supermarket magnate Ron Burkle lost his bid last year to buy into Knight Ridder Inc., the nation's second-biggest newspaper chain.

This year, Burkle and fellow local billionaire Eli Broad were turned back in their offer for Tribune Co., owner of the Los Angeles Times.

On Monday, Burkle scored on his third try to become a publishing czar when a company he controls agreed to pay $1.2 billion for 76 specialty magazines, related websites and other holdings. The acquisition includes such venerable titles as Motor Trend, Hot Rod and Surfer, all of which were founded in Southern California, as well as some more obscure macho hobbyist magazines including ATV Rider, Four Wheeler and Super Streetbike.

The deal left some analysts questioning whether Burkle's company overpaid. "We find it difficult to see where many opportunities exist" for the magazines and websites, said Donald Trott, a Jeffries & Co. analyst.

Click on the headline to read the full story by James Rainey in the Los Angeles Times