By: E&P Staff
The CEO of the Tribune Company, Dennis FitzSimons, has sent a letter to the editor of the Wall Street Journal about a column which he says contains mischaractarizations about the deal to sell the company to real estate mogul Sam Zell.
The letter, first published on the Romenesko media news site, calls Holman Jenkins’ charactarization of the transaction’s impact on employees “simply wrong.”
“Our employees currently own about 23 million shares of Tribune stock, 15 million of which reside in 401(k) accounts.” notes FitzSimons. “Along with all other shareholders, they will benefit from this transaction, receiving $34 per share in cash, for a total of $782 million. They are not required to reinvest this money in Tribune and can diversify it any way they wish.”
To read the entire letter, click here.