Tribune Sets Stock Buyback
May 30, 2006 at 8:22 AM (PT)
TRIBUNE CO. will buy back up to 75 million of its shares under a program valued at over $2 billion approved by the company's board.
The buyback will start with a modified Dutch auction to buy back up to 53 million shares between TODAY and JUNE 26, with the company offering no less than $28. and no more than $32.50/share. Another 10 million share will be bought back from the MCCORMICK TRIBUNE FOUNDATION and CANTIGNY FOUNDATION, which presently hold 13.6% of the company's shares, and 12 million shares will be bought on the open market.
TRIBUNE owns one radio property, Talk WGN-A/CHICAGO, along with papers like the CHICAGO TRIBUNE and RED EYE in CHICAGO, the LOS ANGELES TIMES, NEWSDAY, the SOUTH FLORIDA SUN-SENTINEL, and the BALTIMORE SUN, several major and medium market TV stations, TV production and syndication interests, and the CHICAGO CUBS.