U.S. News

Tribune Shareholders Approve $8.2 Billion Zell Buyout


Tribune shareholders on Tuesday approved a proposed $8.2 billion buyout of the newspaper publisher and broadcaster by real estate tycoon Sam Zell.

Preliminary results from the poll showed that 97 percent of votes represented by proxy voted for the deal, 2 percent opposed and 1 percent abstained, the company said.

The shareholder vote in Chicago took on an added significance for the deal, as some investors questioned whether a deteriorating credit market would be an obstacle to financing the buyout.

Tribune shares hit a nine-year low last week, sliding well below Zell's offer price of $34 per share.

By Tuesday morning, shares had risen 3.5 percent to $27.97 as investor confidence in the deal's closing grew.

Extra, Extra: Tribune's Competitors