Tribune Faces Potentially Big Tax Bill for Newsday and Cubs Deals

By: Michael J. De La Merced | New York Times

The Tribune Company faces a potential tax bill of more than $500 million over the sales of the Chicago Cubs and Newsday despite efforts to minimize the tax consequences of both deals, the company disclosed on Monday.

In the footnotes of its financial report for last year, Tribune said the Internal Revenue Service was seeking $190 million in taxes from the 2008 sale of Newsday to Cablevision as well as a $38 million “accuracy-related penalty” and $17 million in after-tax interest.

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