Tribune Sold To Zell

Real estate magnate will take it private; Cubs for sale

By Heather McPherson, Newser User

Posted Apr 2, 2007 9:45 AM CDT

(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 (modbeedotcom (YouTube))

The Chicago Cubs will be sold after their 2007 season (KRT Photos)

Tribune Company Sold (Getty Images)

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Tribune Sold To Zell

Real estate magnate will take it private; Cubs for sale

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WikiLeaks Leaking: Newspaper Snags Site's Entire Stash

'We are free to do whatever we want:' editor

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Third-baseman became legendary broadcaster

Trib CEO to Jump Before Being Pushed Out

Randy Michaels expected to resign this week

How Frat Boy Hijinks Helped Screw the Tribune Co.

Boss Randy Michaels 'offered $100 to waitress to flash her breasts'

Radio Exec Bans 'Flee,' 'We're Back,' and 'Death Toll'

119 words, phrases go on CEO's naughty list

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