Zell Gets Tribune, Unless They Do Take-Backs

So it is written, so it shall be done: Tribune has accepted the Sam Zell bid. (Eight million things could happen that would continue to drag this fucking story out, so fingers crossed, we're not out of the woods yet.) A quick read-through of the press release yields the following nuggets: Zell, America's 52nd-richest skiing enthusiast, is dumping in $315 million for the investment. If Ron Burkle and Eli Broad can make a better offer before shareholders approve the merger, Tribune can pay Zell $25 million to go away. Tribune will sell the Chicago Cubs, although manager Lou Piniella will be retained and will become the new editor of the Los Angeles Times. (Okay, we made up the Piniella bit, but it's not a bad idea, actually.) Finally, "the financial advisor to the special committee was Morgan Stanley." Those folks know something about newspapers!

Tribune to Go Private for $34 Per Share [Tribune]