Tribune execs, family said to plan rival bids

TRIBUNE EXECS, FAMILY SAID TO PLAN RIVAL BIDS
[SOURCE: Los Angeles Times, AUTHOR: James Rainey]
The Chandler family and Tribune's management appear to be considering making competing bids for all or parts of the company that they have held in an uneasy alliance for six years. The Chandlers have been in discussions with billionaire Ron Burkle's investment firm, Yucaipa Cos., about making a joint offer for some or all of Tribune's assets, said two people who are familiar with their plans. The family already owns 20% of Tribune's stock. Meanwhile, Tribune executives, led by Chief Executive Dennis J. FitzSimons, are expected to enter a bid of their own in alliance with a consortium of three private investment firms. The entire bidding process is cloaked in secrecy, producing few public statements. Sources familiar with the potential bids agreed to discuss them on condition of anonymity, saying they had not been authorized to speak publicly about a deal. They did not disclose details, including how much the two groups might offer for the company, which is worth $7.58 billion based on Friday's closing stock price of $31.75. Tribune owns 11 daily newspapers, two dozen television stations and parts of cable TV's Food Network and the Internet job site CareerBuilder.
http://www.latimes.com/business/printedition/la-fi-tribune18dec18,1,7988...
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