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
Sam Zell, new Tribune owner   (modbeedotcom (YouTube))
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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.