Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Tribune talking with other potential buyers on Cubs sale (Dinosaur Media DeathWatch™)
Chicago Sun-Times ^ | June 19, 2009 | David Roeder

Posted on 06/19/2009 11:58:19 AM PDT by abb

For Tribune Co. boss Sam Zell, it's time to play hardball on the sale of his baseball team.

Tribune said Thursday it has opened negotiations with other bidders in the sale of the Cubs. People involved in the process said Zell is trying to increase pressure on the Ricketts family to close a deal for around $900 million.

After exclusively negotiating with Ricketts, no deal has closed, but one insider said it's close. Sources said Tribune, which is in bankruptcy court, has reopened talks with a New York-based investment group that includes investors Marc Utay and Leo Hindery.

Chicago-based bond dealer Thomas Ricketts is directing his family's bid. Talks have bogged down over the value of the Cubs broadcasting deal with Tribune-owned WGN-Channel 9 and WGN-AM and Comcast SportsNet Chicago, in which it has a 25 percent stake.

A statement from Tribune spokesman Gary Weitman said, "We continue an active dialogue with the Ricketts family with an eye toward reaching a definitive agreement. In addition, we are assessing other alternatives. Our goal -- and responsibility -- is to pursue a transaction that is in the best interest of the company. We won't comment on specifics of any potential transaction."

Ricketts refused comment when reached on his way home from Thursday's Cub-Sox matchup. Utay said, "If and when I actually re-engage in this process, I wouldn't tell anybody anyway."

Zell and Ricketts are believed to be less than $50 million apart on terms. Sources said there also is broad agreement on the debt Ricketts would carry.

Tribune wants the transaction structured with debt and probably will keep a sliver of ownership, both techniques for minimizing capital gains taxes.


TOPICS: Business/Economy; Extended News; News/Current Events; US: Illinois
KEYWORDS: advertising; dbm; newspapers; tribune
RUH, ROH!
1 posted on 06/19/2009 11:58:20 AM PDT by abb
[ Post Reply | Private Reply | View Replies]

To: 04-Bravo; aimhigh; andyandval; Arizona Carolyn; backhoe; Bahbah; bert; bilhosty; Birch T. Barlow; ..

ping


2 posted on 06/19/2009 11:58:51 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

http://www.forbes.com/2009/06/18/andrew-tyndall-tv-news-business-media-tyndall.html
Long Live The Nightly News

http://www.minnpost.com/braublog/2009/06/19/9647/star_tribune_announces_bankruptcy_exit_harte_out
Star Tribune announces bankruptcy exit; Harte out

http://www.boston.com/business/articles/2009/06/19/globe_union_sets_date_for_new_contract_vote/
Globe union sets date for vote

http://www.startribune.com/business/48570942.html?elr=KArks:DCiUHc3E7_V_nDaycUiacyKU7DYaGEP7vDEh7P:DiUs
Star Tribune files plan to exit bankruptcy in fall

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aG43l9kHyn7w
Disney’s ABC Names Executives to Run Merged Operation

http://www.variety.com/article/VR1118005087.html?categoryid=1237&cs=1
‘Mission: Impossible IV’ in the works


3 posted on 06/19/2009 12:01:49 PM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 2 | View Replies]

To: abb

WGN should be part of the package deal in selling the Cubs. In my mind, WGN exists for one reason and one reason only; broadcasting Cub games. Who in their right minds thinks that the 342nd re-run of America’s Stupidest Videos will get more viewers than a Cubs-Cards game?


4 posted on 06/19/2009 12:02:05 PM PDT by henkster (Bumper Sticker: Please don't tell 0bama what comes after a Trillion!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

http://www.buzzmachine.com/2009/06/19/no-longer-the-province-of-elites/#comments
‘No longer the province of elites’

http://www.guardian.co.uk/media/2009/jun/19/bbc-tv-networks-budget-savings
BBC TV networks face new round of cuts

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003986072
Audit Bureau’s First ‘Consolidated Media Report’ Shows Amalgamated Reach of Products

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003986036
‘Plain Dealer’ Institutes Wage Cut, Two-Week Furloughs


5 posted on 06/19/2009 12:15:24 PM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 3 | View Replies]

To: abb

http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=108282
AP Moves On Upfront

http://gannettblog.blogspot.com/2009/06/dow-jones-paidcontent-advance-layoff.html
Dow Jones, Reuters advance layoff speculation

http://cancelthebee.blogspot.com/
Report: unpaid furloughs — and other departures — hit the Anchorage Daily News

http://www.style.com/vogue/feature/2009_July_Katharine_Weymouth/
True to Type

http://recoveringjournalist.typepad.com/recovering_journalist/
The People Have Spoken


6 posted on 06/19/2009 12:26:23 PM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 5 | View Replies]

To: henkster

Freepers who are Cubs fans should be rooting for the Rickett’s family... Good long time conservatives. That’s probably slowing down negotiations.

And I agree with you about WGN.


7 posted on 06/19/2009 12:32:08 PM PDT by ReleaseTheHounds ("The demagogue is one who preaches doctrines he knows to be untrue to men he knows to be idiots.")
[ Post Reply | Private Reply | To 4 | View Replies]

To: abb

http://www.cleveland.com/business/plaindealer/index.ssf?/base/business-12/124540027490550.xml&coll=2
PD unions take furloughs, pay cuts to keep 7-day newspaper delivery

http://www.dailygazette.com/news/2009/jun/19/0619tu/
Times Union prepares to cut up to 45 jobs; union prepares to fight


8 posted on 06/19/2009 5:41:30 PM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 6 | View Replies]

To: abb

Less than 50 million apart is still a significant amount of money even in a transaction of almost 1 billion. Zell has to get maximum value for the Cubs asset. As soon as the lending market loosens he needs to start divesting other Tribune properties. Get away from the media business Sam.


9 posted on 06/19/2009 10:23:55 PM PDT by MovementConservative (www.stephenfowlersucks.com.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MovementConservative

It’s too late. The Tribune Company (LA Times, Orlando Sentinel, Chicago Tribune, et al) is a husk - all the innards have rusted away. The only thing holding it up is the paint job.


10 posted on 06/20/2009 12:46:00 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 9 | View Replies]

To: abb

Egads, TBS is bad since they dumped the Braves. The all night infomertials with the pencil figure women wearing seamless black pants are more interesting.


11 posted on 06/20/2009 12:52:02 AM PDT by Luke21
[ Post Reply | Private Reply | To 10 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson