The Tribune Company, in discussions about its future, is weighing a proposal from Sam Zell, the Chicago real estate maverick and billionaire who sold his huge office development company this month for $39 billion in the biggest leveraged buyout ever.
A special committee of Tribune board members was close to settling on an internal overhaul when Mr. Zell made a last-minute entry into the discussions, people close to the situation said.
His bid for Tribune all but eliminates other offers — including one from the Los Angeles billionaires Ronald Burkle and Eli Broad — from consideration.
Complete story in New York Times
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