Tribune's been having a hell of a time selling off its assets, reports Crain's Gregory Meyer:
Extending its auction process by two months doesn't seem to have made Tribune Co. any more attractive to potential buyers. As next week's deadline for "best and final" offers to buy the company approaches, the chances of a bid above Tribune's recent $31 stock price appear diminished — while the chances that no bidders will emerge at all may have increased.but we've got to imagine that this has made things a wee bit more difficult:
Los Angeles Times press operators narrowly approved representation by the International Brotherhood of Teamsters, according to union election results tallied Saturday by the National Labor Relations Board. The 140-131 vote in favor of the Teamsters' Graphic Communications Conference represented a rare victory for organized labor against a newspaper with a long history of antipathy toward unions.We're sure that deep-pocketed investors are absolutely thrilled by the opportunity to pick up a failing property that now features one of the country's most truculent unions as its negotiator. David Geffen must be chomping at the bit!