Tribune Sale Update 12.13.07

ZELL HOPEFUL TRIBUNE DEAL CLOSES DEC 20
[SOURCE: Chicago Tribune, AUTHOR: Michael Oneal and Phil Rosenthal]
Chicago billionaire Sam Zell is hopeful that the $8.2 billion deal he's leading to take Tribune Co. private will close Dec. 20. Responding to a question at the Executives' Club of Chicago luncheon Wednesday about whether there was news about the Tribune deal, Zell responded by saying: "Hopefully it will close next Thursday." "The assets are truly extraordinary and we have a great opportunity to make a serious difference," Zell said at the luncheon. Zell and Tribune are hoping to close the deal before the end of the year to avoid a number of costs that would make the transaction more risky and complicated.
http://www.chicagotribune.com/business/chi-071212zell,0,4710295.story?tr...

TEAMSTERS TO FCC: NOT SO FAST ON TRIBUNE TV LICENSES
[SOURCE: Editor&Publisher]
The International Brotherhood of Teamsters on Tuesday asked the Federal Communications Commission (FCC) to reconsider its decision to grant Tribune Co. waivers from cross-ownership rules that the Chicago media giant needs to go private by the end of the year. Teamsters represent about 2,000 employees across the company, and have been staunch opponents of Chicago real estate magnate Sam Zell's $8.2 billion deal to take Tribune private using an employee stock ownership plan (ESOP). The Teamsters in its filing argues the buyout structure violates an FCC requirement that stations be controlled by their owners -- "and not by Sam Zell, a trust established for the benefit of members of his family, and a pre-selected ESOP trustee." That represents "third party" ownership, "and undermines the public interest and the FCC's mission of promoting localism and diversity." As the deal is structured, ownership of Tribune will be transferred to an ESOP, which will be controlled by the board of directors and a trustee. The Teamsters maintain employees will have no significant say in management of the company.
http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_con...