While bidding for the Tribune Co. has slowed as of late, a recent flurry of offers and counter-offers for the media company may place the sale closer at hand. Los Angeles billionaires Eli Broad and Ron Burkle made a bid today for Tribune valued at bid at $34 per share. That trumps Chicago billionaire real estate mogul Sam Zell’s bid that came in at $33 a share, or approx. $8 billion. The Tribune’s holdings include the Los Angeles Times, nine other daily newspapers, including Newsday, the Chicago Tribune, Baltimore Sun, and South Florida Sun-Sentinel, as well as 23 TV stations, WGN Radio, Tribune Entertainment and the Chicago Cubs.
File this under the latest rumor as it pertains to the Cubs…
The Biz of Baseball is hearing that if Zell lands Tribune he will look to sell the Cubs, and fairly quickly. To keep from creating controversy on the quick turn, he may sell to a cash-heavy minority owner.
As for the other bidders, Eli Broad has had serious interest in owning an MLB franchise prior, most notably in his bids to purchase the Los Angeles Dodgers in 2004. With that in mind, the LA billionaires not only are offering more for Tribune, but possible owners of longer tenure than if Zell lands Tribune.