Chandlers take all of their chips off the table


Three Chandler family representatives resigned from the Tribune Company board after the Chandler Trusts sold all of the Tribune stock that they could in phase one of the Zell/ESOP buyout (6/5/07 RBR #109). But that still left the Chandler Trusts with nearly 20.4 million shares.

According to an SEC filing yesterday by Tribune, those 20.4 million shares were registered for sale by Goldman Sachs on Monday – and it looks like the Chandlers have now cut all ties with Tribune. The LA Weekly website reports that Goldman Sachs late Monday sold that block for 31.50 per share, with the Chandlers passing up the extra three bucks per share they'd get by waiting for phase two of the buyout, which is dependent on FCC waiver grants.