Rus News Journal

Newspapers for 8,2 billion

media holding Tribune will depart to billionaire Sam Zellu

As has informed on Monday the American publishing house Tribune, it will accept the offer of billionaire Sam Zella who has made a fortune on trade by real estate. G - n Zell has bypassed two businessmen from Los - Andzhelesa Ales of Ford and Rhone Berkla, having estimated concern in 8,2 mlrd dollars (34 dollars for the action). The transaction will help to correct financial affairs of concern to which in any way does not manage to get clear of debts.

as the general director and the president of concern Dennis Fittssimons considers, being the private company, Tribune can reconstruct more flexibly the publishing business and plan long-term development. As he said, the board of directors has recommended to shareholders to accept Sam Zella`s offer after the largest shareholder has given the consent. To the final decision the board of directors can consider other offers. If the concern management stops the choice on other offer, Tribune it is necessary to pay to the Chicago billionaire of 25 million dollars will Finance transaction Merrill Lynch and JP Morgan Chase. After the message on the planned transaction the concern share price has grown on 2 %.

Under control Tribune, the second publishing house in the USA, based in 1847, there is a set of newspapers, 23 television channels and the Chicago baseball team Chicago Cubs, and also news and information sites. The largest newspapers belonging to concern, are Chicago Tribune, Los Angeles Times and Newsday. The concern management plans to sell the Baseball team after the termination of a season of current year. As has informed g - n Zell, the income of command sale will go on a covering of debts which the new proprietor will receive together with the got company as a result of the transaction. The general debts of concern make, according to the report for 2006, nearby 5 mlrd dollars It can increase to 13 mlrd dollars Besides, concern will leave from 25 % of actions of channel Comcast SportsNet Chicago on which baseball games are broadcast.

the basic part of financing will be received from the Plan of possession by actions for employees of the company (ESOP) in which invested means about 21 thousand workers Tribune Co. ESOP is the fund using tax privileges which becomes the basic proprietor of concern. It will be compelled to reckon with debts of concern and risk of the further deterioration of a financial condition of the publishing house. 65 - the summer billionaire will enclose in the transaction of 315 million dollars of personal means. It will acquire the right to acquisition of 40 % of actions Tribune and as the representative of concern has informed, becomes the chairman of board of directors.

as has told g - n Zell in one interview, he does not intend to interfere with the editorial policy of concern, its interest purely economic. According to representatives of the publishing house, Dennis Fittssimons remains the general director and the president after transaction fulfilment.

Handelsblatt