Update at the Tribune
Posted on | August 18, 2007 | No Comments
Tuesday is V-Day for Tribune Co. shareholders. It’s the day they get to vote on the $8.2 billion buyout, a vote that could end the long, tortuous and torturous wrangling over the company, which tried to sell its pieces, fought over the direction and ownership of the L.A. Times and pretty much embarrassed bigtime publishing.
Timing could be better. The credit markets, despite the Fed’s easing of money Friday morning, are a bit twitchy (although the Wall Street Journal’s Sarah Ellison reports in her Tribune piece today that the merger excludes changes in the credit markets). Sam Zell, prospective new owner, is holding fast….even as Times Publisher David Hiller reported recently that 2Q cash-flow declines made the period one of the worst ever.
The Tribune continues to slash and burn, announcing yesterday that it’ll go on a half-inch paper diet come January. The beloved Cubbies (not mine of course) just dropped $91 million on pitcher Carlos Zambrano.
Memo to Cubs and Tribune execs: please reference Giants’ millions lavished on Barry “Find the Strike Zone” Zito this year.
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Related posts:
- Trials and Tribune-ations at the Tribune Co.
- Tribune Co. gets a bid
- Tribune ponders future; Times hangs in the balance
- UPDATE: The Breakup of CMP Media
- Tribune Co. and the L.A. Times: The other shoe drops on Baquet
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