Report: Chandlers Threaten Proxy Fight For More Tribune Board Seats
January 26, 2007 at 5:49 AM (PT)
The WALL STREET JOURNAL reports that the TRIBUNE CO.'s largest shareholder, the CHANDLER family, is threatening a proxy fight to get more seats on the company's board in order to amass more power over the company's future. The proxy battle, which would target two additional board seats to add to the CHANDLERS' present three on the 11-member board, is reported to be "likely" if the company pursues a deal the CHANDLERS don't like to sell all or part of the operations.
The CHANDLERS are also said to be frustrated by the company's blocking them from talking to equity firms that signed confidentiality agreements but did not submit bids for the troubled company. The JOURNAL previously reported that TRIBUNE has been going back to non-bidders itself, along with bidders whose offers were not initially acceptable to the company, looking for better terms.
TRIBUNE owns one radio station, Talk WGN-A/CHICAGO.
Report: WGN's O'Dell Contemplates Retirement
Meanwhile, the CHICAGO TRIBUNE's PHIL ROSENTHAL reports on something that he suggests potential TRIBUNE buyers will want to know, that WGN morning man SPIKE O'DELL says the three-year deal he signed last year will "probably" be his last with the station. O'DELL tells ROSENTHAL that "some people may think I'm nuts" to retire and play golf, "but that's my plan and I'm sticking with it.... I can't guarantee that's what's going to happen, but that's what I would like to happen."