Tribune Mulls Revamp As Auction Founders

TRIBUNE MULLS REVAMP AS AUCTION FOUNDERS
[SOURCE: Wall Street Journal, AUTHOR: Sarah Ellison sarah.ellison@wsj.com]
Despite considering a late-breaking bid from Chicago real-estate magnate Sam Zell, Tribune Co.'s board is inching closer to a "self-help" restructuring deal it will implement on its own, say people familiar with the situation. The board met with its advisers Saturday for an update on the five-month-old auction. Unlike the past couple of board meetings, it issued no statement afterward. Tribune -- which owns the Los Angeles Times, the Chicago Tribune and 23 television stations -- has promised shareholders a resolution of the auction by March 31. Mr. Zell's offer to take the company private emerged after the deadline for offers last month. People familiar with the situation noted that his proposal is structured in a way that would take time to implement, a strike against it for executives.
http://online.wsj.com/article/SB117244644179218760.html?mod=todays_us_page_one
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See also --
* Tribune to evaluate offers on Saturday
[SOURCE: Reuters, AUTHOR: Megan Davies and Robert MacMillan]
Media group Tribune Co.'s special committee will meet again on Saturday to evaluate alternatives that could split up the company or take it private.
http://today.reuters.com/news/newsArticle.aspx?type=industryNews&storyID=2007-02-24T010958Z_01_N23364549_RTRIDST_0_INDUSTRY-TRIBUNE-OFFERS-DC.XML