Tribune Completes $1.46 Billion Stock Buyback

Jun 30, 2006  •  Post A Comment

Tribune Company finalized its $1.46 billion stock buyback, the company said Friday.

The 45 million shares of common stock the company purchased at $32.50 per share represent approximately 15 percent of shares outstanding as of the deadline for the tender offer.

Tribune’s board initiated the buyback to bolster the company’s sagging stock price. Members of the Chandler family, Tribune’s second-biggest shareholder, opposed the buyback, saying the company should sell off television stations and articulate a strategy for increasing online revenue.