Wednesday, December 12, 2007

tribune puts a timeframe on the cubs sale

not to horn in on the ecstasy of kosuke fukudome, but a bit of news is out relating to the eventual divorce of the chicago cubs from the tribune company.

Tribune Co., the country's second-largest newspaper publisher, said Wednesday it anticipates closing on the sale of the Chicago Cubs baseball team as well as its stake in Comcast SportsNet Chicago during the first half of next year.

The sale of the Chicago Cubs was a condition that needed to be met in order for Tribune to be taken private in an $8.2 billion buyout led by real estate magnate Sam Zell.

Tribune said it also expects to complete the sale of the Cubs' Wrigley Field and related property during the same period.

Tribune put the Cubs and Wrigley Field up for sale in April, with the company's 25 percent interest in Comcast SportNet Chicago included in the package. The company has not disclosed a buyer....

it's still too early to talk about sam zell's purchase of tribune in the past tense, but if it goes through then this is the plan.

tribco stock is trading this morning around $32, still about 6% shy of zell's takeover price.

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