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FRIDAY, NOVEMBER 27, 2009
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Tribune Sold To Zell

Real estate magnate will take it private; Cubs for sale

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(Newser) – Chicago real estate magnate Sam Zell won a last-minute bidding  war to buy the Tribune Compay with a $34-a-share offer, reports the Chicago Tribune. Zell will take the media conglomerate private in a deal that includes an employee stock ownership plan. The Cubs will be sold separately.

The deal features a low break-up penalty, which means L.A. billionaires Ron Burkle and Eli Broad, who lost out in feverish maneuvering over the weekend, could come back with a fresh offer.  It puts Zell, a gleeful risk-taker, in charge of a famously buttoned-down company facing daunting prospects, including $7 billion in new debt.

Sam Zell, new Tribune owner
Sam Zell, new Tribune owner   (modbeedotcom (YouTube))
The Chicago Cubs will be sold after their 2007 season
The Chicago Cubs will be sold after their 2007 season   (KRT Photos)
Tribune Company Sold
Tribune Company Sold   (Getty Images)
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