Tribune cuts borrowing


Tribune Company still has lots of cash flow, so it is tapping cash on hand to reduce the amount it needs to borrow to finish going private. A half billion from the corporate coffers will reduce that round two of borrowing to 1.6 billion. Now that it has FCC waivers to maintain its broadcast-newspaper crossownership situations, at least for a while, the company says it expects to closed on the final step of its buyout of public shareholders by Sam Zell and an Employee Stock Ownership Plan by the end of this month.