No Clear-Cut Path for Tribune’s Board

NO CLEAR-CUT PATH FOR TRIBUNE'S BOARD
[SOURCE: New York Times, AUTHOR: Geraldine Fabrikant & Katharine Seelye]
When members of the Tribune Company board assemble this weekend to review bids for the company, they will have a lot to consider but not much to be happy about. The company received at least two firm bids by Wednesday’s deadline, one from the Los Angeles team of Eli Broad and Ronald W. Burkle, and another from the Chandler family, the company’s largest shareholder. A third potential bidder, the Carlyle Group, has expressed interest but only in Tribune’s television group. The company also owns 11 papers, including The Los Angeles Times. None of the offers, made on Wednesday, had enough clout or sizzle to generate much investor interest. Indeed, the offers from the Chandlers and particularly from the Broad-Burkle team left investors and analysts more confused than anything else. In one way, the result of the auction could relieve some of the pressure on the company to act because both bids came in so low.
http://www.nytimes.com/2007/01/19/business/media/19tribune.html
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