01.22.2007 08:00 AM
Tribune bids fall short
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.