The Chandler family buyout offer for the Tribune Company is set to expire today at 5:00 p.m., with acceptance unlikely. The Chandler family is interested in purchasing the Tribune’s eleven newspapers, and taking them private. The twenty-three television stations would be spun off, under the family deal.
News Corp. chairman Rupert Murdoch has joined the Chandler family, so office functions of the New York Post could be merged with Newsday, but the offer appears to be doomed, as 80 percent of shareholder votes are needed to complete the sale. The number two investor, McCormick Tribune Foundation isn’t likely to approve the Chandler offer.
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