Skip to comments.Tribune to Go Private for $34 Per Share (Cubs put up for sale!)
Posted on 04/02/2007 6:06:33 AM PDT by abb
Employee Stock Ownership Plan (ESOP) Created; Sam Zell to Invest, Join Board; Chicago Cubs and Comcast SportsNet Interest to be Sold
Sale of the Chicago Cubs
Separately, Tribune announced that following the 2007 baseball season, it will sell the Chicago Cubs and the company's 25 percent interest in Comcast SportsNet Chicago. The sale of the Cubs is subject to the approval of Major League Baseball, and is expected to be completed in the fourth quarter of 2007. Proceeds will be used to pay down debt.
There is always next year. Sorry, just practicing for August.
It is still mathematically possible for the Cubs to win the World Series.
Are they still tied for first place?......
Yes - and they're up one game in the loss column to the Cardinals.
"Tribune to Go Private for $34 Per Share"
This would be like making dinner reservations on the Titanic.
Calculating the "magic number" for the Cubs has been an important math refresher every year for generations of Chicago school children.
When school starts in late August, the kids must be put to work fast calculating the number of games remaining until the Cubs are mathematically eliminated. If a teacher waits too long, say mid-September, then the season could have already been over.
Tribune to Sell Chicago Cubs Following 2007 Baseball Season
Monday April 2, 8:54 am ET
25% Interest in Comcast SportsNet Chicago Also to be Sold
CHICAGO, April 2 /PRNewswire-FirstCall/ -- Tribune Company (NYSE: TRB - News) announced today that it plans to sell the Chicago Cubs and the company's 25 percent interest in Comcast SportsNet Chicago after the conclusion of the 2007 baseball season. The sale is expected to be completed in this year's fourth quarter.
"The Cubs have been an important part of Tribune for more than 25 years and are one of the most storied franchises in all of sports," said Dennis FitzSimons, Tribune chairman, president and chief executive officer. "In our last season of ownership, the team has one mission, and that is to win for our great fans."
Tribune has long-term contracts in place for Cubs programming on WGN-TV, Superstation WGN, WGN-AM Radio and Comcast SportsNet Chicago. The company was a founding partner when Comcast SportsNet Chicago was launched in 2004 and holds a 25 percent stake the network, which will broadcast 72 regular season Cubs games in 2007.
"This transition will not impact our on-field performance," said John McDonough, Cubs president and chief executive officer. "We expect to compete and win -- our goal of bringing a World Series championship to Cubs fans everywhere hasn't changed."
Tribune purchased the Chicago Cubs and historic Wrigley Field in 1981. Attendance has soared in recent years, setting a record of 3,170,184 fans in 2004. Total attendance again surpassed 3 million in 2005 and 2006.
The sale of the team is subject to the approval of Major League Baseball.
TRIBUNE (NYSE: TRB - News) is one of the country's top media companies, operating businesses in publishing, interactive and broadcasting. It reaches more than 80 percent of U.S. households and is the only media organization with newspapers, television stations and websites in the nation's top three markets. In publishing, Tribune's leading daily newspapers include the Los Angeles Times, Chicago Tribune, Newsday (Long Island, N.Y.), The Sun (Baltimore), South Florida Sun-Sentinel, Orlando Sentinel and Hartford Courant. The company's broadcasting group operates 23 television stations, Superstation WGN on national cable, Chicago's WGN-AM and the Chicago Cubs baseball team. Popular news and information websites complement Tribune's print and broadcast properties and extend the company's nationwide audience.
Source: Tribune Company
The Chandler family which controlled the LA Times ended up, I believe, controlling the Tribune co. because it bought out the Times in a stock for stock deal. The Times was a commie rag that was losing circulation like it should, but it seems like the only good asset left is the Cubs. The fans should steal it and let the rest rot.
NO..., Zell is a big time conservative.......... what a turn about if he gains control of the LA SLIMES!
This is jokingly referred to the pre death estate sale for a company.
Next come massive firings and a garage sale.
Much as I detest the Drive-By Media and the people who work for them, I'm chagrined at the prospect of the retirement money of the employees being vaporized. And that is what I see about to happen. I guess it's since we're so close to retirement myself and how jealously I guard our nest egg.
Nobody, and I mean nobody looks out for your own money like you do. If these newsies don't see what's going on, then they're too stupid to be reporters...
Is that right? I would have guessed differently.
From an investor standpoint, he is known as a grave dancer, which makes a lot of sense in why he is going after the Trib.
With our luck, Jerry Reinsdorf will buy them.
Even if you like the Cubs, I don't want to see any Freepers buying them out. The money will only be used to support another round of media garbage.
"Nobody, and I mean nobody looks out for your own money like you do. If these newsies don't see what's going on, then they're too stupid to be reporters..."
That is the number one credo, motto, and reality for any retired person. I started rolling over my 401k to a Fidelity IRA, shortly after I took early retirement just to see what I could do versus the 401k. After a few minor missteps, I did okay. Four years later, I still had about 60% in the 401 k because the fixed income payout was so good. Suddenly that rate started to drop and withdrawal restrictions became really tight like 2 x per year unless I went on an auto withdrawal.
The 401 fund was managed by Fido, and I ended up talking with one of the Fido guys. He said that if he was me, he would roll all of it over to my IRA and manage it myself. He had both accounts up, and he noted that my IRA investments were running about 10% per year ahead of my 401k. Also, the IRA had/has basically total flexibility re investments and withdrawals.
I did it, and we had a few sleepless nights. It was the best thing we have done. I spend at least 20+ hours per week just trying to keep up with what is happening.
A year afterwards, my wife had me roll one of her IRA's over to Fido, and it has outperformed her current 401k at less expense and more choices. She is staying in her 401k until she retires or turns 70, since it is a primary tax reduction vehicle and her employer does an excellent job of matching funds. When, she retires, we will roll it over to her Fido IRA.
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.