Tribune Sells Cubs; WGN Remains Radio Flagship
August 21, 2009 at 3:10 PM (PT)
TRIBUNE CO. finally gets the deal done and sells a 95% interest in the CHICAGO CUBS, WRIGLEY FIELD, and TRIBUNE's 25% interest in COMCAST SPORTSNET CHICAGO to the RICKETTS family for $845 million. TRIBUNE is holding onto 5% of the operations and its Talk WGN-A/CHICAGO will continue as flagship for CUBS radio broadcasts.
"Our family is thrilled to have reached an agreement to acquire a controlling interest in the CHICAGO CUBS, one of the most storied franchises in sports,” said JOE RICKETTS. "The CUBS have the greatest fans in the world, and we count our family among them. We look forward to closing the transaction so that we can begin leading the CUBS to a World Series title."
"This joint venture will provide dedicated, local family ownership and management for the team," said TRIBUNE Chairman SAM ZELL. "The RICKETTS family will be a great steward of the franchise. They have a strong respect for the team, for the fans and for what the CUBS mean to the City of CHICAGO."
"As part of the sale, WGN Radio will remain as the radio play-by-play home of the CHICAGO CUBS, and we look forward to our continued partnership with the club for many years to come," said TOM LANGMYER, VP/GM of WGN.