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Entries tagged "Tribune"Cubs not only MLB team to face bankruptcyThe Chicago Cubs join two other MLB teams -- the Baltimore Orioles and the Seattle Pilots -- who were been purchased out of bankruptcy. Tribune still hasn't revealed winner of Cubs auctionAs of late Thursday afternoon, Tribune Co. has not informed any of the bidders for the Chicago Cubs who the winner is, according to one source close to the process. There has been previous speculation that Tom Ricketts is the favorite to win. The bids could be anywhere between $850 million and $950 million. The other two bidders are Hersch Klaff and Marc Utay.... Bankrupt Tropicana may wish it was in Tribune's positionBoth Tribune Co. and Tropicana Entertainment LLC are in bankruptcy, but casino operator Tropicana likely wishes it was in the position the Chicago-based newspaper publisher and television broadcaster is. ... Blagojevich allegedly sought to corrupt anti-deal activistsEarlier Dealscape noted Illinois Governor Rod Blagojevich and his Chief of Staff John Harris may have meddled in Tribune Co.'s auction of the Chicago Cubs and Wrigley Field. However, also buried in the Department of Justice's charges against him is an alleged attempt to corrupt anti-deal activists, the Service Employees International Union, which during the height of the private equity boom protested leveraged buyouts, and the affiliated Change to Win movement, which takes activist shareholder positions on behalf of union pensions. ... What role did Blagojevich play in Tribune's bankruptcy?A day after Sam Zell's Tribune Co. filed for Chapter 11 bankruptcy protection, the Federal Bureau of Investigation arrested Illinois Governor Rod Blagojevich and Chief of Staff John Harris on charges of corruption, alleging that, among other transgressions, they meddled with Tribune's troubled businesses, including the auction of the Chicago Cubs.... Default swap issuers readying to pay up after Tribune bankruptcyAdd another $1.5 billion headache to the problems of financial services companies. That's the net outstanding value of credit default swaps on the debt of Tribune Co., which filed for bankruptcy Monday afternoon. According to data from the Depository Trust and Clearing Corp., there is roughly $20.5 billion worth of credit default swaps on Tribune's debt outstanding, although the figure drops to around $1.5 billion after including trades that cancel each other out.... Economy may give Cubs bidders indigestionThe Chicago Tribune reported on Tuesday that revised bids, including financing details for Major League Baseball's Chicago Cubs, are due before Thanksgiving. However, if the potential buyers are unable to secure financing in a period where bankers have been very picky about lending, the once highly anticipated auction will turn into anything but a holiday feast.... Tribune writes down Times Mirror buyAsset sales and other maneuvering have made the balance sheet of Sam Zell's Tribune Co. more manageable, the Chicago publisher said Wednesday. However, the newly private company has also had dark reflections on deals past in its report for the second quarter. ... Cubs auction starts as Wrigley Field sale goes foulOn the same day Tribune Co. is expected to send out the books for the Chicago Cubs auction, news of the fate of Wrigley Field, the team's ancient home, was also making the rounds.... Dealwatch: TribuneSam Zell's first deal since taking Tribune Co. private in an $8.2 billion deal in December, came May 12 -- the sale of Long Island, N.Y., paper Newsday, to Cablevision Systems Corp. for $650 million. Terms of the partnership call for Tribune to hang on to a 3% stake in the target. Meanwhile, the offering memorandum on the Chicago Cubs goes out the second week of June. ... Cubs books to go out next weekTribune Co. chairman and CEO Samuel Zell said Thursday that the offering memorandum for the Chicago Cubs should go out to potential buyers next week and elicit preliminary bids for the National League team 30 days after that. ... Just In: Advisers in Cablevision's acquisition of NewsdayCablevision Systems Corp. agreed to acquire a 97% stake in Newsday Media Group from the Tribune Co. for $650 million. Here are some highlights of the deal: Cablevision hired investment bankers Stefan Selig, James McVeigh, Scott Seaton and Richard Casavechia of Banc of America Securities LLC and also bankers from Merrill Lynch & Co. The law firms working on behalf of Cablevision were Hughes Hubbard & Reed LLP and Sullivan & Cromwell LLP. The target hired Christina Moore of Citigroup Global Markets Inc. as its investment banker. Law firms McDermott Will & Emery, Sidley Austin LLP and Janofsky & Walker... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "Tribune." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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