Tribune's overhaul plan wins plaudits

CHICAGO - Tribune Co.'s decision to radically overhaul itself by year's end pleased its largest shareholders and Wall Street Friday, helping send the media company's stock to its best two-day performance in four years.

Directors of the embattled newspaper and TV station owner said they are reviewing options that include a sale, breakup or buyout.

That amounts to an acknowledgment by the parent of the Chicago Tribune, Los Angeles Times and the Chicago Cubs that a stock buyback strategy it implemented in May isn't paying off fast enough and more action is needed to satisfy frustrated shareholders after a three-year stock slide.

Full story here.