For 120 years, the Chandler family through its ownership of the
Los Angeles Times has had a say in the affairs of the Southern California
newspaper. That relationship came to an end Thursday with the closure of the
sale of the family's 20.4 million shares of Tribune Co. stock for $31.19 a
share, or $634.8 million, to Goldman, Sachs & Co. The Los Angeles Times
reports the Chandlers vowed to divest their last remaining shares to Goldman
when they lost their presence on the board. That happened when the three board
members representing the family recently resigned in accordance with the
surrender of a first block of family shares equal to 27.8 million for $34 a
share in a tender offer. The first sale by the Chandlers was part of a
two-step $8.2 billion buyout of Tribune by real estate tycoon Sam Zell.
—Gerald Magpily
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