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Tribune Wraps Up Tender Offer

By ( Broadcasting & Cable ) published

Tribune Company took a step towards becoming a private company, as it accepted for payment 126 million of the 218 million-plus shares tendered in the tender offer, at $34 a share. Tribune will start payments for the shares no later than June 5, 2007.

"The first stage of our transaction that will result in Tribune Company going private is now complete," said Tribune chairman, president and CEO Dennis FitzSimons. "We look forward to obtaining the necessary approvals for the next stage of the transaction and to completing the transition to a private company."

Tribune operates 23 stations, as well as newspapers and the Chicago Cubs baseball team. It announced last month that the company will go private, with financier Sam Zell becoming chairman.

Michael Malone
Michael Malone

Michael Malone is content director at B+C and Multichannel News. He joined B+C in 2005 and has covered network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television, including writing the "Local News Close-Up" market profiles. He also hosted the podcasts "Busted Pilot" and "Series Business." His journalism has also appeared in The New York Times, The L.A. Times, The Boston Globe and New York magazine.