Report: Possibly no bids for Tribune Co., new struggle might result
UPI News Service, 01/17/2007
It is possible no one will bid on Tribune Co., which would incite a new struggle for company control, The Chicago Tribune reported Wednesday.
The company -- which owns two dozen TV stations, the Chicago Cubs and 11 daily newspapers, including the Tribune, Newsday and The Los Angeles Times -- may shed its broadcast assets if no one bids on the company, the Tribune said.
The Chandler family -- which once owned the Times and is now Tribune's single largest shareholder -- may also press to sell the Times or other newspapers to take advantage of "vanity" buyers who might pay a premium to protect a local asset.
Most bids have fizzled. Even a private-equity group that appeared to be the lead horse -- Chicago's Madison Dearborn Partners, New York's Apollo Management and Rhode Island's Providence Equity Partners -- might not follow through on a bid, the Tribune said.
Another group, led by Los Angeles billionaires Eli Broad and Ron Burkle, had still not said Tuesday night if it would go forward with a bid, the newspaper said.
Bids were to be submitted by 6 p.m. EST Wednesday.