Chandlers May Mount Proxy Fight

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With Tribune Co.’s deadline for board nominations weeks away, a new issue has emerged in the battle for control of the newspaper and TV empire: the possibility that its biggest shareholder, the Chandler family, could mount a proxy fight for additional board seats, the Wall Street Journal reports.


As Tribune has cooled on the proposal for the Chicago media company submitted by the Chandlers before last week’s auction deadline, the company has begun girding for a proxy challenge from the family. The Chandlers have three seats on Tribune’s 11-member board and could use a proxy contest to win two more. While they wouldn’t have majority control, they would have more leverage in board deliberations.


The Chandlers hope to avoid such a battle, a person familiar with the family’s thinking said. But a contest is likely if Tribune’s board doesn’t pursue a transaction to the family’s liking, this person said.


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