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Friday, September 22, 2006

Major Tribune Shareholder Would Support LBO

One of Tribune Co.'s (TRB) largest shareholders said it could get behind a leveraged buyout of the media conglomerate, the Financial Times reported on its Web site Friday.

Ariel Capital, which owns about 6% of Tribune stock, believes a buyout would be "the cleanest" outcome for shareholders. On Thursday, Tribune's board assigned a committee of independent directors to oversee potential options for creating additional value for shareholders.

"If (a buyout is) what the board did decide, we'd be in favor of that," the FT quoted John Miller, an Ariel portfolio manager, as saying.

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