$8 billion bid may be accepted this week
Chicago real estate mogul Sam Zell is looking like Tribune’s new owner.
According to a Bloomberg News report, the Los Angeles Times’ parent company will likely accept Zell’s $8 billion takeover bid by the end of the week.
He has previously said he plans to keep the entire company intact, including its newspapers, Web sites and TV stations.
Other bidders included L.A. billionaires Ron Burkle and Eli Broad and the Chandler family, original owners of the L.A. Times, joined by News Corp.
David Geffen also put in a bid for the L.A. Times alone.
Zell’s offer, which would make Tribune a private entity, would create an employee stock ownership program to help finance billions of dollars in debt.
Tribune had set a self-imposed deadline of Saturday to pick a winning bidder.