McCormick Foundation Drops 'Tribune' From Its Name

By: E&P Staff McCormick Tribune Foundation directors voted Thursday to drop "Tribune" from its name.

"The name change clarifies that the Foundation no longer holds an ownership position in Tribune Company," the foundation said in an announcement.

The foundation sold all its Tribune stock in December as part of the transaction led by real estate mogul Sam Zell that took Tribune private.

"In line with its mission, the Foundation's communities program will continue to work with individual business units of Tribune Company and with other organizations to encourage important fund-raising and philanthropic activities in markets across the nation," the foundation said.

McCormick Foundation was established as a charitable trust in 1955, upon the death of Col. Robert R. McCormick, the longtime Chicago Tribune editor and publisher. It has $1.2 billion in assets.