03/28/2008 02:45 am ET Updated May 25, 2011

Burkle Buys Into Chinese News Firm

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.

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