(Corrects Bid Amount)
The Chandler Trusts has made a $7.6 billion bid to buy Tribune Co. and spin off its broadcast and entertainment businesses.
In a filing Thursday with the Securities and Exchange Commission, the value of the Chandler deal was put at $31.70 per share, $19.30 in cash and the rest in shares of the newly formed Tribune Broadcasting. The Chandler family, former owners of the Tribune-owned Los Angeles Times, among other newspapers, owns 20 percent of Tribune’s stock.
The Chandler proposal, which would expire Jan. 31, claimed debt financing commitments from Goldman Sachs Credit Partners L.P., Merrill Lynch Capital Corp. and Citicorp North America.
The filing said Chandler Trusts would own 51 percent of Tribune after the deal closed, in perhaps six months, and the remaining 49 percent would be held by two private equity firms. Debt financing would be provided by Goldman Sachs, Merrill Lynch and Citicorp.
There were published reports of as many as three other bidders.