Chicago real estate magnate Sam Zell has won the bidding for Tribune Co.
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.