the u.s. leftist media is not dead yet.
they helped elect a democrap u.s. congress.
and, they'll help elect a democrap president in 2008.
http://online.wsj.com/article/SB117547208104356327.html?mod=home_whats_news_us
Tribune Appears
To Be Nearing
A Deal With Zell
By SARAH ELLISON
April 2, 2007
After months of drama in its boardroom and declining performance at its newspapers, Tribune Co. late yesterday appeared to be firming up a deal to sell itself to Chicago real-estate tycoon Sam Zell, according to people familiar with the matter.
Over the weekend, Tribune's special committee of the board reviewed competing offers from Mr. Zell and a joint bid from Los Angeles businessmen Eli Broad and Ron Burkle. Both offers propose taking the company private using an employee stock ownership plan. (See related article.)
To be sure, it was possible the board could decide to further extend its self-imposed deadline of March 31 and take more time to reach a decision. And final important details remained to be ironed out. But people close to the discussions said that Mr. Zell's offer -- which is valued at $33 a share -- was preferred. Tribune's shares traded up 58 cents Friday to $32.11 on the New York Stock Exchange.
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Mr. Zell is expected to put in less than $300 million in equity, a fraction of the company's total value of about $7.9 billion, not counting Tribune's existing $4.5 billion in debt. The deal will unfold in two steps, according to a person familiar with its structure. In the first step, Mr. Zell will invest his equity and receive convertible preferred stock in Tribune. Then, Tribune would borrow money and pay out about $17.50 a share to shareholders. If approved, the company would be taken private, with shareholders receiving an additional payout and the majority of the company being held by an employee stock ownership plan, which would roll future contributions to employee 401(k) funds into the ESOP, effectively providing capital for the buyout without increasing Tribune's debt.
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