Tribune taken private, Zell named chairman and CEO

By Lisa Kerner

Charlotte, N.C., Dec. 20 - Tribune Co. merged with an acquisition subsidiary of the Tribune Employee Stock Ownership Plan to complete its going-private transaction.

Sam Zell, who financed the transaction with $315 million, was named chairman of the board and chief executive officer.

Tribune shareholders approved the $34-per-share agreement on Aug. 21.

The company's common stock will cease trading on the New York Stock Exchange at market close on Thursday.

"We have a tremendous opportunity to take the great brands of Tribune Co., and the enormous talent within the company, to a new level," Zell said in a company news release.

"Tribune, along with the newspaper industry, has been mired in its monopolistic origins, and we intend to create a fresh, entrepreneurial culture that is fast and nimble, and which rewards innovation. Our goal is to provide a sustainable, relevant product for our customers and communities."

Randy Michaels will join the Tribune as executive vice president and CEO of interactive and broadcasting, while Gerald A. Spector will be executive vice president and chief administrative officer.

Zell will chair an eight-member board that is expected to include:

• Jeffrey S. Berg, chairman and chief executive officer of International Creative Management, Inc.;

• Brian L. Greenspun, chairman and chief executive officer of the Greenspun Corp., and president and editor of the Las Vegas Sun;

• William C. Pate, chief investment officer of Equity Group Investments, LLC;

• Maggie Wilderotter, chairman and chief executive officer of Citizens Communications; and

• Frank E. Wood, chief executive officer of Secret Communications, LLC, a venture capital company.

William A. Osborn and Betsy D. Holden each have been re-elected to serve on Tribune's board. Holden is a senior adviser to McKinsey & Co. and the former president of global marketing and category development at Kraft Foods, Inc.

Osborn is chairman and chief executive officer and a director of Northern Trust Corp.

Tribune is a Chicago-based media company.

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