Tribune Charity Hires Adviser, Will Pore Over Parent Co.'s Finances
January 4, 2007 at 1:16 PM (PT)
The TRIBUNE CO. circus continues with the decision by the firm's own charitable foundation to hire a financial adviser to scrutinize the company's books.
According to an SEC filing, the ROBERT R. MCCORMICK TRIBUNE FOUNDATION has hired THE BLACKSTONE GROUP to look over TRIBUNE's records and has formed a committee to mull over what to do with its 11.7% interest in the parent company. The matter is complicated by the fact that some TRIBUNE top executives, including CEO DENNIS FITZSIMONS, sit on the foundation's board as well. Among its options, the foundation may try making an offer to buy TRIBUNE itself.
The company has been for sale for several months but has reportedly drawn little serious interest. It owns one radio property, Talk WGN-A/CHICAGO, along with several of the nation's largest newspapers (the CHICAGO TRIBUNE, LOS ANGELES TIMES, NEWSDAY, the BALTIMORE SUN, the HARTFORD COURANT, SOUTH FLORIDA SUN-SENTINEL, ORLANDO SENTINEL, and four other dailies, plus free circulation dailies amNEW YORK and RED EYE), three Spanish language papers, several TV stations, a TV syndication company, and the CHICAGO CUBS.