Firm Recommends Holders OK Tribune Buy

By: A proxy advisory firm on Thursday recommended Tribune Co. (NYSE:TRB) shareholders approve the newspaper publisher's $8.2 billion buyout.

The company, which owns the Chicago Cubs baseball team, Chicago Tribune, Los Angeles Times and various other newspapers and TV stations, agreed to be purchased by a group led by real estate mogul Sam Zell for $34 per share earlier this year.

Proxy Governance, an independent proxy advisory and voting firm, views the acquisition as Tribune's best option after a comprehensive evaluation of strategic options.

'In light of the challenges facing the newspaper industry, we believe that the offer provides an acceptable premium to shareholders,' the firm said.

Shares of Tribune gained 12 cents to $27.19 in afternoon trading.


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