Nick Douglas |
Huffington Post |
Posted Friday January 5, 2007 at 01:06 PM
Potential buyers are still eying the Tribune Company as the January 17 bid deadline approaches, and today brings both news and speculation. Here's where things stand:
The McCormack Tribune Foundation, a charity directed by two former and three current members of Tribune management, announced yesterday that it hired a buyout firm for advice. According to the New York Times, the foundation owns 11.7 percent of Tribune (which forms 75% of the foundation's assets) and could not buy out the company itself (but could make a deal with a private equity firm). A spokesman says the foundation is considering all options, from buying more to selling its share.
The foundation clarified that it has "complete confidence in Tribune Company management," which the Tribune-owned L.A. Times interprets as a reaction to an analyst who called the hire "a vote of no confidence" in Tribune management.
The Chandler family, the largest Tribune shareholder, has talked to L.A. billionaires Eli Broad and Ron Burkle about buying all or part of the company, says the L.A. Times.
While a spokesperson denies it, Women's Wear Daily says Rupert Murdoch's News Corp. may (or at least should) buy Tribune, which owns several Fox stations.