Sunday, November 05, 2006

Tribune may sell itself in pieces

The Tribune Company got disappointing preliminary offers for the whole company, so it's asking for bids on an item-by-item basis.

A deadline Friday for nonbinding preliminary offers resulted in bids valued at about the company's current share price, two people familiar with the process said Wednesday. That led Tribune's investment bankers to begin calling people who had expressed interest in bidding for particular assets to say such offers were now welcome.

Various people have expressed interest in such properties as the Los Angeles Times, Newsday, the Hartford Courant and the Baltimore Sun.

Nobody, however, wants the Chicago Cubs.

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