Tribune Co. Monday said it’s agreed to go private in a deal worth $34 per share. The Chicago-based media conglomerate, which owns the Chicago Tribune and the Los Angeles Times as well as other newspapers and television stations, said investor Sam Zell is supporting the transaction with an investment of $314 million. When the deal is completed, Zell would own a subordinated note and a warrant entitling him to acquire 40% of the common stock….In addition, Tribune said it plans to sell the Chicago Cubs baseball team and its 25% interest in Comcast SportsNet Chicago following the completion of the 2007 season. Tribune shares closed Friday at $32.11, up 1.8%.
This news continues a trend in the print industry as described in this USA Today article.
Had anyone seen that selling of the Cubs thing coming?