Thursday, October 26, 2006

And there were three

No new news here. As a matter of fact, Chuck at Ivychat as always was front and center on this days ago. Still there are a few small nuggets to add. According to the Washington Business Journal there are three groups that have emerged as bidders for the Tribune Co. Here is what they say:

According to the report, three groups have emerged as possible bidders:

At the moment, it is unclear whether Carlyle would bid alone or join with a
group of buyers.

The report said that some bidders think the Chandler family, the largest shareholder in Tribune after the purchase of Los Angeles' Times Mirror in 2000, would accept a per-share buyout bid in the mid-$30s.

Despite the final three, speculation remains that the Trib could be sold off in parts. According to Newsday media companies like Denver based MediaNews Group are taking a look at some of the Tribune's print properties.

And in case you missed this from a few days ago, Tribune Execs are preparing to exit the company once the takeover is complete. This from MarketWatch:

NEW YORK (MarketWatch) -- Tribune Co. (TRB), which is considering a range of strategic options, changed several employee-benefit plans to speed up payments if there is a change of control at the company.

The publisher of the Chicago Tribune and Los Angeles Times disclosed the potential payouts of previously earned benefits in a filing Tuesday with the Securities and Exchange Commission.

It's unclear from the filing the value executives have built up in the benefit plans. A Tribune spokeswoman said the plan amendments result in no new or additional benefits to company officers.

Tribune's board approved the changes last week to a bonus deferral plan, supplemental retirement plan and supplemental defined-contribution plan, the filing said.

The changes come as Tribune, beset by industrywide revenue pressures and unhappy investors, plans to decide by the end of the year on options to enhance shareholder value, including a possible asset sale or outright sale of the company.

Well it's looking clearer and clearer that despite the hopes of a vocal minority, the Tribune Company and the Chicago Cubs are about to have a new owner. Did anyone explain this to Lou Piniella when he took the job? How long will Jim Hendry survive the change in ownership? Maybe John McDonough really is interim. These are the days of our lives.

Seen on the Web: There is a new website that's pushing the Cubs to bring back the Stone Pony. has an interesting quote at the bottom from Len K. Very interesting!

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