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CHICAGO, Sep 22, 2006 (UPI via COMTEX) -- Tribune Co.'s board has taken key steps to increase its share price and accommodate the Chandler family, former owners of a prime Tribune asset.
That asset is the controlling stake in Times Mirror Co., parent of The Los Angeles Times newspaper, which Chicago's Tribune bought six years ago from the Chandlers for more than $8 billion. Since then the Chandlers have become unhappy with Tribune management's stewardship of the asset.
Two partnerships, which Tribune inherited when it bought Times Mirror and which hold all Tribune preferred shares as well as other assets, will distribute those preferred shares and some assets to Tribune. The Chandler family, which also has a stake in those two partnerships, will receive about 11.8 million shares of Tribune common stock plus other assets and retain a 95-percent interest in the two partnerships.
Also, the board said Thursday it formed an independent panel to oversee the exploration of alternatives for creating value for shareholders, a process expected to conclude by year-end.
Finally, the board approved the sale of WLVI-TV, Boston, to Sunbeam Television Corp. for $113.7 million, part of Tribune's plan to sell at least $500 million in assets.
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As of Monday, 09-18-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated an UPTREND on 08-16-2006 for TRB @ $31.75.
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