Tribune Says CEO Not Involved In LBO Bid
December 19, 2006 at 2:09 PM (PT)
Contradicting a report in one of its own papers, TRIBUNE CO. says that CEO DENNIS FITZSIMONS is not involved in any bid to buy the company.
The LOS ANGELES TIMES reported MONDAY that FITZSIMONS was leading a leveraged buyout bid, in opposition to a cometing bid from the CHANDLER family, but NEWSDAY reports that the company's chief independent board director WILLIAM A. OSBORN told it that "from the beginning, the special committee and management agreed that management would not participate as a principal in any of the strategic alternatives without the committee's authorization. Management has remained independent and has not aligned itself with any participant."
Speculation had FITZSIMONS supporting a bid by PROVIDENCE EQUITY PARTNERS, APOLLO MANAGEMENT and MADISON DEARBORN PARTNERS to take the company private but would not be actively involved until the deal closed. TRIBUNE owns one radio property, Talk WGN-A/CHICAGO.