Tribune buyout may close next week


Sam Zell is quoted in the Chicago Tribune as saying that next Thursday is the target date for closing the going private buyout that will make him and an Employee Stock Ownership Plan the only owners of Tribune Company. The complicated two-part buyout would become even more complicated if delayed into 2008. If the closing does not take place by the end of this month, the buyers will have to start paying interest at an annualized rate of 8% beginning New Year’s Day, in addition to the 34 bucks per share buyout price, until the closing takes place.