Ron Burkle, shut out of buying a couple of American newspapers companies earlier this year, has instead turned overseas for a media investment.
Burkle's Yucaipa Companies agreed to buy a block of shares in the Chinese financial news provider Xinhua Finance Media, or XFMedia. Yucaipa is a Los Angeles, Calif.-based investment company founded by Burkle in 1986. Burkle's friend, President Bill Clinton, serves as an adviser for the company.
Burkle is the 369th richest person in the world with $2.5 billion. He made his fortune with Yucaipa by buying and selling supermarket chains like Fred Meyer, Jurgensen's and Ralph's.