July 4, 2008 |
Tribune Co. signed a $300- million asset-backed commercial paper credit agreement with Barclays Bank, using $225 million to repay a term loan. The deal allows Tribune, the newspaper publisher taken private in December by real estate billionaire Sam Zell, to borrow against receivables, the Chicago-based company said. The loan gives Zell breathing room to find buyers for assets to reduce $13 billion in debt. Tribune is selling the Chicago Cubs baseball team and exploring options for the buildings housing its two biggest newspapers, the Los Angeles Times and Chicago Tribune.
June 26, 2008 |
Cash-strapped Tribune Co. is considering putting two of its signature properties -- the Los Angeles Times' main office downtown and Tribune Tower in Chicago -- on the block. Tribune Chief Executive Sam Zell told employees in an e-mail Wednesday that the company had contacted "several of the country's leading real estate firms" about the Times property and Tribune Tower, the company's 40-story headquarters in Chicago. "Both Tribune Tower and Times Mirror Square are iconic structures," Zell said.
April 26, 2008 |
Bidding for Tribune Co.'s Long Island newspaper, Newsday, got livelier Friday as New York Daily News owner Mortimer Zuckerman matched a $580-million bid by media tycoon Rupert Murdoch, according to a person familiar with the situation. The bids are structured differently, but both would provide Tribune with well over $500 million in immediate cash without triggering a large capital-gains tax, the person said. The Chicago media conglomerate needs the cash to knock down debt incurred in its $8.2-billion buyout in December.
December 21, 2007 |
On his first day in charge of Tribune Co., Sam Zell set an ambitious goal: Sell the Chicago Cubs by opening day. The Cubs, one of baseball's most storied yet least successful clubs, are expected to command a record sale price for a major league team. If Tribune were to package the team with venerable Wrigley Field and the Cubs' stake in Chicago's cable sports channel, the price could exceed $1 billion, two sports finance experts said Thursday.
October 3, 2007 |
PHOENIX -- Here, the youth movement worked. Three rookies and a second-year shortstop will be in the lineup for the Arizona Diamondbacks at Chase Field tonight when they open their National League division series against the Chicago Cubs. A 20-year-old right fielder and a third-year first baseman also probably will be on the field in the next few days. Whereas the Dodgers are turning their team over to their future nucleus in phases, the Diamondbacks did so abruptly.
September 24, 2007 |
His parents say he can go by his middle name, Alexander, when he's old enough to decide, but for now the newborn will be known by his first name: Wrigley. And his last name: Fields. His parents are Paul and Teri Fields of Michigan City, Ind. They are, as one might suspect, fans of the Chicago Cubs, the team that has played at Wrigley Field since 1916. A Cubs spokeswoman said the team had no record of other children named Wrigley.
September 15, 2007 |
With Major League Baseball entering the final two weeks of the regular season, the bidding for the Chicago Cubs is about to move into the hardball stage. Tribune Co. announced in May that it would sell the marquee franchise after the current season as part of its privatization deal with Chicago real estate mogul Sam Zell.
July 22, 2007 |
Analyzing odds for upcoming games and events. The Angels aren't the only team that has seen a once-commanding lead in its division shrink. Milwaukee, which flew out of the gate and opened a sizable advantage on its five rivals in the National League Central, has been struggling in recent weeks, enabling streaking Chicago to climb to within 2 1/2 games. The way they began the season, it did not seem possible the Cubs would seriously challenge the Brewers in 2007.
June 4, 2007 |
Chicago Cubs Manager Lou Piniella on Sunday was suspended indefinitely and fined an undisclosed amount by Major League Baseball for his latest dirt-kicking tirade against an umpire. Piniella was ejected in the eighth inning of the Cubs' 5-3 loss to the Atlanta Braves on Saturday.
April 3, 2007 |
Who's going to buy the Chicago Cubs, and for how much? With Tribune Co. saying Monday that it was putting the storied franchise on the block to raise cash, speculation centered around several big names, including Jerry Colangelo, chairman of the NBA's Phoenix Suns and a former owner of that team and baseball's Arizona Diamondbacks, and Mark Cuban, owner of the NBA's Dallas Mavericks.