Just as Chicago real estate impresario Sam Zell (pictured at left) nears a deal to sell his real estate investment trust Equity Office Properties to Blackstone Group for $23 billion, he may be preparing to jump into another heated auction. Zell is reportedly considering an offer for hometown media-giant Tribune Co., according to the Chicago Tribune. Zell would supposedly purchase the 13.1% stake in the company from its second largest shareholder,
the non-profit McCormick Tribune Foundation. However, the report suggests that the foundation wouldn't be left in the cold, but instead Zell's plan would include the company taking on debt to pay shareholders a dividend, allowing the foundation to re-invest its dividend in shares of the company. Of course, Zell has to beat back rival bidders, which include financier Ron Burkle, Eli Broad, Carlyle Group, and the Chandler family, Tribune's largest shareholder. His toughest opponent would be the Chandlers, who have made a rival offer that provides a tax benefit unlike other bids. Either way, Zell adds another colorful face to an already vibrant crowd. —Matthew Wurtzel
See story from The Chicago Tribune
Continue reading below
