Zell may give up claim to buy Tribune stake

The New York Post reports that Tribune CEO Sam Zell is close to giving up his claims to buy a 40 percent stake in the company. Zell looks ready to give up a warrant, which he negotiated as part of his $8.2 billion deal to take the company private in 2007. The warrant gives Zell the right to buy about 40 percent of the company for $500 million and is the basis of his control over Tribune.