Tribune extends deadline for review process

By Michael Oneal
Tribune staff reporter
Published November 28, 2006, 5:14 PM CST

Judging that it would be unable to complete a deal to sell the company by the end of the year, Tribune Co. announced today that it planned to extend into the first quarter a process to review options to boost the company's stock price.

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As a result, said Tribune Chairman and Chief Executive Dennis FitzSimons said in a statement, "Advisors to both the company and the independent special committee of the board have recommended that the review process be extended to ensure thorough consideration of all proposals."

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Separately, the company said it had received federal approval to sell television stations in Boston and Albany, N.Y., bringing to $450 million the amount raised from assets sales since the company said earlier this year it would unload $500 million of "non-core" assets.

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