But it looks like that self-imposed deadline by Tribune for bids on the company maybe extended, thanks to an 11th-hour bid by Los Angeles billionaires Eli Broad and Ronald Burke, a $34-a-share offer to Chicago billionaire Sam Zell’s $33-a-share offer. Reportedly, the loser will have his head shaved in the ring at Wrestlemania.
If all goes well, the ownership of the Tribune Co. will end up in the hands of billionaire Sam Zell with an $8 billion dollar offer. If it goes through, he plans to take the company private, and plans to keep it intact.
Here is some updated information on the Chandler family $7.6 billion bid for the Tribune Co, and a letter from the Chandler Trust filed with the Securities and Exchange Commission.
The deadline passes for bids on the beleaguered Tribune Co. and is mulling two offers: one from the Chandler family, Trib’s largest shareholder, and the other from two Los Angeles billionaires. Either way, it looks like the Tribune Co. will no longer be under local control.
Crain’s Chicago Business website is reporting that News Corp. , parent of the Fox network, The New York Post, and other various media properties, has apparently taken a pass on Tribune Co.’s properties.
We won’t know the fate of the Tribune Co. this year: Tribune extends its deadline to accept bids for the company through the first quarter of next year.
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