Chicago Tribune Gains a New Owner
It is done! As planned, real estate magnate Sam Zell bought the Chicago Tribune early this morning. He had to raise his bid at the 11th hour to keep a stronghold on the deal, but he pulled it off to the tune of $34 a share, $13 billion total. Zell beat out up-and-comers Eli Broad and Ron Burkle for the media giant, who were left in the lurch with nothing to console them but their billions of unspent dollars.
Here’s the kicker, though: after all the hemming and hawing and insistence that the Trib was not going to sell the Cubs … guess what’s going to happen! That’s right, after the 2007 season, the Cubbies are going up on the auction block. We heard from a little birdie at the office (and a little thing called Google) that Zell has some ownership in the White Sox, so the sale makes sense; still, we didn’t see it coming.
There’s still a chance for Broad and Burkle to yank the carpet out from under Zell if stockholders see fit. In that case, Zell would go home with a $25 million parting gift. Since this has been going on for months upon months, we hope Zell stays afloat just so this whole rigmarole is over and done. You know, really, really, extra super done. Cross our hearts and hope to die. And, quite possibly, the stipulation of a horse manure pie.
Image courtesy of e.q.