Real Estate Tycoon Lands Tribune Company

23 August 2007

CHICAGO: Tribune Company, the second-largest US newspaper publisher, is to become the property of local real estate magnate Sam Zell (pictured), America's 52nd richest man, according to Forbes magazine.

Although the $8.2 billion (€6.08bn; £4.14bn) deal was agreed last March, it required rubberstamping by Tribune stockholders who met on Tuesday.

Although their approval was always likely, in the current market chill the Second Coming could not have been more welcome.

In addition to a newspaper stable that includes such illustrious titles as the Los Angeles Times and Chicago Tribune, Zell's new plaything also owns 23 TV stations and the Chicago Cubs baseball team.

Data sourced from Financial Times; additional content by WARC staff