Tribune Would Receive Up to $560 Million Cash And Keep a Small StakeTribune Co. is closing in on an agreement to sell its Long Island newspaper Newsday to News Corp. for about $580 million, according to individuals familiar with the situation.
Final details are being hammered out and a deal could yet fall apart, but Tribune and News Corp. have informally agreed on key aspects, including the price, structure and governance, these people said
Under the terms being discussed, Newsday would be part of a joint venture with News Corp.'s New York Post and various non-newspaper assets owned by News Corp., people familiar with the matter said. News Corp. would own the bulk of the combination, with Tribune retaining a stake of less than 5%.
If a deal is struck, it would be Tribune's first major newspaper sale since Chicago real-estate magnate Sam Zell took effective control of the company in December. Mr. Zell has been exploring ways to pare the company's heavy debt load, which piled up after it was taken private in an $8.2 billion buyout. [Click for MORE]
> Murdoch on way to acquiring Newsday
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