By: E&P Staff
The Tribune Co.’s board of directors said today they are still undergoing the strategic review in addition to announcing a quarterly dividend.
In a statement released this afternoon, William Osborn, Tribune’s lead independent director and chairman of the special committee, confirmed the review process “has been rigorous and will continue to move forward.” The board expects to make a decision before the end of Q1.
In September, Tribune said it was exploring strategic options after one of its largest shareholders, the Chandler Trusts, pressured the company to sell or spin-off divisions. A handful of bidders have reportedly expressed interest including Ronald Burkle and Eli Broad and the Chandler family. Yesterday The Wall Street Journal reported that Tribune is rumored to spin-off its broadcast division while borrowing money to payout a large cash dividend to shareholders.
Also today, the board declared a quarterly dividend of 18 cents per share payable on March 8 to shareholders of record at the close of business on Feb. 22.