Tribune bids fall short
January 22, 2007
Disappointed by low bids, Tribune is now weighing its future options about selling.
For the entire company, the largest bid disclosed last week was an estimated $7.6 billion proposed by its largest shareholder, the Chandler family, to buy the company and spin off its broadcast division to shareholders.
A second proposal for the entire company came from Southern California billionaires Eli Broad and Ron Burkle. Their plan called for a recapitalization rather than a buyout — a move that would add more debt to the company.
A third proposal, with unreleased financial details, was submitted for Tribune’s TV stations only. It came from the Carlyle Group, a private-equity firm.
Analysts said all the bids were considered too low and would most likely be rejected by the company.