The management of Tribune Co. has enough problems dealing with founding family the Chandlers, but it may soon have to deal with billionaire activist investor Nelson Peltz (seen at left). Peltz, through his investment company Trian Fund Management, has acquired a 1.2% stake in the troubled media company, according to SEC documents. The news appearing in this morning's Los Angeles Times and New York Times comes a day before Peltz's assault on Pittsburgh food giant H.J. Heinz Co. reaches its climax. Should he win his effort to install five board members on Heinz's board, he may be preparing a similar assault on Tribune in what experts said might be an attempt to profit from a dispute between the media company and the Chandlers. Since neither Peltz, nor anyone at Trian has commented about the Tribune stake, it's not clear at this time which side he'll support.—Matthew Wurtzel
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