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Zell Buys Tribune; Cubs for Sale

Tribune said it is looking to sell the Chicago Cubs and the media company’s 25% stake in Comcast SportsNet Chicago after the conclusion of the 2007 Major League Baseball season.

The news came Monday as Tribune announced a deal to sell the company to Chicago real estate investor Sam Zell for $34 per share. Zell is backing the deal with a $315 million investment in Tribune.

Tribune purchased the Chicago Cubs and historic Wrigley Field in 1981.

The company -- which owns superstation WGN, newspapers and TV stations -- was founding partner in Comcast SportsNet Chicago when it debuted in 2004. The regional sports network will carry 72 Cubs games in 2007.

Tribune will become a privately held company upon completion of its deal with Zell.