Thursday, January 18, 2007

Call Parent Receives Bid

Ron Burkle and Eli Broad, the two LA billionaires, submitted a complex bid today to take control of 31% of Tribune Co. stock. Here's the NYT story--long on details of the deal, but with mere speculation concerning the various Tribune papers' futures.

It's significant that none of the private equity firms that had been circling Tribune ended up submitting bids. Burkle and Broad's was the only bid--though the Chandler family (already the largest Tribune shareholder) may yet set up its own deal to take the company private.

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