Tribune Shareholders OK Buyout Deal

Moving Towards Privatization

As expected, TRIBUNE shareholders voted to approve the $8.2 million plan by SAM ZELL to take the company private, with 97% of shares voting in favor of the $34/share deal. The vote was taken at a special shareholder meeting TODAY (8/21). 

The deal is still dependent on ZELL's financing holding up, which has become a question in the credit crunch affecting the U.S. economy in recent weeks. TRIBUNE CEO DENNIS FITZSIMONS says that the deal includes a provision dealing with financing pull-outs, but said, "We don't anticipate, nor do our financing sources anticipate, an invocation of that clause." FITZSIMONS told a briefing after the vote that he still expects the deal to close in the fourth quarter.

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