Sam Zell Wins Bidding For Tribune-WSJ

Chicago real estate magnate Sam Zell has won the bidding for Tribune Co. , the Wall Street Journal reported on Monday, citing a person familiar with the matter.

The paper expects the exact terms of the deal to be disclosed this morning. However, the paper expects the deal to include a low break-up fee, which could encourage rival bids.

Zell's proposal has been reported, prior to this weekend to be about $8 billion, or $33 a share.

A deal with Zell would freeze out Los Angeles billionaire philanthropist Eli Broad and his partner, billionaire grocery store investor Ron Burkle, who also bid for the newspaper publisher and broadcaster.