Now that phase one of the Tribune Company going-private transaction has closed, the three representatives of the Chandler family have resigned from the board of directors. Jeffrey Chandler, Roger Goodman and William Stinehart Jr. all exited, leaving nine members on the board: CEO Dennis J. FitzSimons; Enrique Hernandez, Jr.; Betsy D. Holden; Robert S. Morrison; William A. Osborn; J. Christopher Reyes; Dudley S. Taft; Miles D. White; and Samuel Zell, who will become Chairman once phase two closes upon FCC approval of essential crossownership waivers.
Since only a bit over 57% of the shares tendered in phase one were accepted for payment, the Chandler Trusts still have a substantial stake in Tribune. The Chandler Trust representatives were elected to the board in 2000 when Tribune acquired The Times Mirror Company. Prior to the tender offer, the Chandler Trusts held approximately 48.1 million shares of Tribune common stock, representing about 20% of total shares outstanding. Following the tender offer, the Chandler Trusts held approximately 20.4 million shares, representing about 17% of shares outstanding.