By: E&P Staff Tribune Co. said Monday that it had finalized a settlement that will return $344 million of the $1 billion it paid after the U.S. Tax Court ruled against it in a case inherited from Times Mirror Co.
After paying income and other taxes on the refund, Tribune said, it will realize $286 million in net cash proceeds.
Tribune spokesperson Gary Weitman said the company ?received the proceeds connected to the settlement? Monday afternoon.
The money will come in handy, given the substantial debt Tribune is taking on to complete the $8.2 billion going-private deal engineered by Chicago real estate tycoon Sam Zell.
Chicago-based Tribune had previously disclosed the terms of the settlement in a
federal court filing.
Tribune was dunned with the $1 billion tax bill after an adverse 2005 decision in the U.S. Tax court, which disallowed the purported tax-free "reorganization" of the Matthew Bender book publishing subsidiary Times Mirror pushed through before it was bought by Tribune in 2000.
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