Tribune Bidders Chart Divergent Paths

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Tribune Co.’s media empire now has three suitors: two with designs on the entire newspaper-television conglomerate, and a Washington private-equity group keen on its television stations only, the Washinton Post reports.


The Chandler family, which owns 20 percent of Tribune, and two Southern California billionaires met the Wednesday night deadline for bids on the company, offering radically different visions for Tribune and two timelines for achieving them.


Also coming in under the wire was District-based Carlyle Group, which bid for Tribune’s 25 television stations, said a source who spoke on condition of anonymity because the process is ongoing. Carlyle has $47 billion under management and has been eyeing Tribune for months.


The Chandlers, who have three seats on Tribune’s board, bid to buy back greater control of the company by spinning off Tribune’s 26 television and radio stations and taking the 11 newspapers private, according to Securities and Exchange Commission filings disclosed yesterday morning.


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