Tribune, Chandlers Reach Deal
September 22, 2006 at 6:04 AM (PT)
TRIBUNE's board approved the unwinding of two partnerships with the dissident CHANDLER family on THURSDAY, a move that will make it easier for the company to sell off assets like its TV division or newspapers.
The CHANDLERS, former owners of the LOS ANGELES TIMES and TIMES MIRROR CO., had pushed for a breakup of TRIBUNE; under the new deal, the CHANDLERS keep 95% of the partnerships while TRIBUNE gets to buy the real estate owned by the partnerships and will retain 5% of the partnerships. The move clears the way for TRIBUNE to continue to sell off assets, as it has in selling TV stations in BOSTON and ATLANTA. TRIBUNE owns one radio property, Talk WGN-A/CHICAGO.