Tribune-Gannett Deal For CT Papers Called Off
May 29, 2007 at 8:19 AM (PT)
TRIBUNE CO.'s sale of the STAMFORD ADVOCATE and GREENWICH TIME to GANNETT for $73 million has been called off after an arbitrator ruled last month that the sale would violate a union contract. GANNETT had said that it would not consummate the deal if the present union contract remained in efffect, and with the arbitration ruling, the deal is off. TRIBUNE says that it will look for new buyers for the papers, which serve FAIRFIELD COUNTY, CT.
TRIBUNE, in the process of being sold to SAM ZELL and an employee stock ownership plan, owns Talk WGN-A/CHICAGO. It is retaining its other CONNECTICUT paper, the HARTFORD COURANT, as well as FOX affiliate WTIC-TV and CW affiliate WTXX-TV (CW 20)/HARTFORD (pending crossownership waivers).