Real Estate Magnate Zell Snags Tribune

08.30.2007

A majority of Tribune shareholders approved the takeover of the company by real estate billionaire Sam Zell, according to Tribune.

Tribune owns WGN(AM), Chicago, which is home to the Chicago Cubs, which Tribune also owns; however, the company has filed its intentions with Major League Baseball to sell the team.

The $8.2 billion buyout leaves questions for employees of the various Tribune publishing and broadcasting properties. Some analysts predicted layoffs and other cutbacks.

The deal still requires FCC approval; it would create an Employee Stock Ownership Plan that will invest mostly in the company’s stock and will become the Tribune’s sole owner, according to the company.

The Tribune also owns 23 television stations plus major newspapers including the Chicago Tribune, Los Angeles Times, Baltimore Sun and New York Newsday.

(TV Technology)