How Solid Is the Deal for Tribune Company?

HOW SOLID IS THE DEAL FOR TRIBUNE COMPANY?
[SOURCE: New York Times, AUTHOR: Richard Perez-Pena]
When Tribune Company shareholders gather tomorrow in Chicago to approve an $8.2 billion plan to take the company private, an uncomfortable question is sure to be on many of their minds: Will this deal fall apart? The people involved say no, but the market seems to have its doubts. A lot has changed since April 2, when Tribune and Sam Zell, the real estate billionaire, announced the complex takeover. What looked then like a moderate slump in stock prices in the newspaper industry has turned into something worse, with Tribune suffering more than most, and the credit markets the company will rely on to shoulder its debt having gone from easy to tight. If the deal dissolves as its stands now, half-realized, Tribune would still be deep in debt, though somewhat less so. Furthermore, it would not reap the significant tax benefits it was counting on to help make the package work.
http://www.nytimes.com/2007/08/20/business/media/20tribune.html?ref=toda...
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* Speculators not betting on Tribune buyout
http://www.latimes.com/business/printedition/la-fi-tribune20aug20,1,9063...