Tuesday, August 18, 2009

Zell May Give Up Claim to Buy Tribune Stake

Steve Greenberg via LA Observed

Tribune Co. chief executive Sam Zell is close to giving up his claims to buy a 40 percent stake in the company, the New York Post said, citing a source familiar with the matter.

Zell looks ready to give up a warrant, which he negotiated as part of his $8.2 billion deal to take the company private in 2007, according to the paper.

The warrant gives Zell the right to buy about 40 percent of the company for $500 million and is the basis of his control over Tribune Co, the paper said. [Click for MORE]

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