Yucaipa buys stake in Xinhua Finance(3)

After years of unsuccessful bids for US news agencies, Ron Burkle's investment firm has acquired a stake in China's Xinhua Finance Media.

The Yucaipa Companies has agreed to buy an undisclosed stake in China’s Xinhua Finance Media from existing shareholders who have come out of initial public offering lockup. Yucaipa partner David Olson will join the board of XFMedia as an independent director after the deal’s close.

Olson was previously chairman and chief executive of Donaldson, Lufkin & Jenrette's Asia Pacific region, and Credit Suisse First Boston's chairman of investment banking for the Asia Pacific.

XFMedia, which provides financial news and data, listed on the Tokyo Stock Exchange in March. This June the company sold seven Asia-Pacific news bureaus to Thomas Financial for an undisclosed amount in order to focus on its China business.

Yucaipa is run by California billionaire Ron Burkle. The firm, which is advised by former US president Bill Clinton and Reverend Jesse Jackson, invests heavily in grocery stores, as well as manufacturing and logistics.

Burkle has unsuccessfully bid for several US newspapers in recent years, including the Los Angeles Times in 2006, The Chicago Sun-Times in 2004 and 12 Knight Ridder newspapers put on the block by McClatchy in 2006. Burkle also considered bidding against Rupert Murdoch’s News Corp for Dow Jones earlier this year.