Tribune management is neutral, director says
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The lead independent director of Tribune Co. said the company’s management team “has remained independent and has not aligned itself” with any of the outside bidders interested in buying all or parts of the media conglomerate.
William A. Osborn issued the statement in response to a story in The Times on Monday that said Tribune Chief Executive Dennis J. FitzSimons was thinking of making a leveraged buyout offer in concert with three private investment firms.
Osborn said Tribune management and a committee of directors agreed from the start of a review of a possible sale or breakup that “management would not participate as a principal in any of the strategic alternatives without the committee’s authorization.”
The Chicago-based media company -- whose holdings include the Los Angeles Times, KTLA-TV Channel 5 and the Chicago Cubs -- has been on the block for three months. No formal bids have been made for the entire company, although several private investment firms and newspaper giant Gannett Inc. have expressed interest.
The Times told Tribune spokesman Gary Weitman on Sunday that it intended to report that FitzSimons was thinking of making a leveraged buyout offer, in concert with three private investment firms.
Weitman did not dispute or substantiate the report. The spokesman declined to comment on Sunday.
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