By: E&P Staff
Tribune Co. Chairman and CEO Dennis FitzSimons is not leading a group to buy the Chicago media giant, the company said, seeking to dispel rumors of a management-led leverage buyout that was reported in the Los Angeles Times Monday.
In a statement, Tribune said quoted its lead independent director William A. Osborn as saying the special committee looking at “strategic alternatives” for the company had agreed with management that FitzSimons and other key executives would not “participate as a principal in any of the strategic alternatives without the committee’s authorization.
“Management has remained independent and has not aligned itself with any participant in the process,” Osborn said.
The Times report said FitzSimons and other executives were putting together a bid with backing from three private-equity groups, Madison Dearborn Partners in Chicago; Apollo Management in New York City; and Providence Equity Partners in Providence, R.I.