Tribune Company took a step towards becoming a private company, as it accepted for payment 126 million of the 218 million-plus shares tendered in the tender offer, at $34 a share. Tribune will start payments for the shares no later than June 5, 2007.
"The first stage of our transaction that will result in Tribune Company going private is now complete," said Tribune chairman, president and CEO Dennis FitzSimons. "We look forward to obtaining the necessary approvals for the next stage of the transaction and to completing the transition to a private company."
Tribune operates 23 stations, as well as newspapers and the Chicago Cubs baseball team. It announced last month that the company will go private, with financier Sam Zell becoming chairman.