By: E&P Staff The Tribune Co. is extending its strategic review to the first quarter of 2007 due to interest from several parties.
Dennis FitzSimons, chairman, president and CEO of Tribune, said in a statement released late this afternoon, "This process generated strong interest from a number of parties. Advisors to both the company and the independent special committee of the board have recommended that the review process be extended to ensure thorough consideration of all proposals."
William Osborn, Tribune's lead director and chairman of the board's independent special committee, said they expect to give a final recommendation to the full board during Q1. "We are committed to a complete review process that will yield maximum value for all Tribune shareholders," he said in a statement.
Tribune announced it was exploring strategic options in September after sparing with one of its largest shareholders, the Chandler Trusts. The company said it wanted to wrap up the strategic review by the end of this year.
Reportedly, several private equity firms expressed interest in Tribune but submitted low bids. Several local investors across the country - including entertainment mogul David Geffen -- have come forward with the interest to buy Tribune papers in their respective markets.
The Washington Post reported today that Tribune was only interested in selling the whole company to one bidder. http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003439279
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