Tribune to Extend Sale Review Process

Nov 28, 2006  •  Post A Comment

The Tribune Co. is extending the browsing period for its corporate yard sale.

In a brief announcement released after the stock market closed Tuesday, Tribune CEO Dennis FitzSimons said advisors had recommended that an extension of the company’s “strategic review process” under which Tribune entertains offers to sell or swap non-core assets in an attempt to bolster its stock price.

“This process has generated strong interest from a number of parties,” Mr. FitzSimons said.

“We are committed to a complete review process that will yield maximum value for all Tribune shareholders. We anticipate a final recommendation to the full board during the first quarter of 2007,” William A. Osborn, Tribune’s lead director and chairman of the board’s independent special committee said.

Tribune had announced in October that it planned to divest itself of $500 million worth of non-core assets. Tuesday’s announcement said that so far this year, Tribune sold or agreed it sell $450 million worth of holdings. That includes WCWN-TV in Albany and WLVI-TV in Boston, whose sales have been approved by the Federal Communications Commission and are expected to close in December.