Newspaper Buyout Deal Will Not Sever Foundation’s Ties
April 5, 2007 | Read Time: 1 minute
As the Tribune Co. media business moves to become a private company, its relationship with its charitable foundation is shifting as well, reports the Chicago Tribune.
The Robert R. McCormick Tribune Foundation, the second biggest grant maker by asset size in Chicago, will no longer be a major shareholder in the company and is considering whether to cash in its 28 million shares. The shares are estimated to be worth approximately $952-million under the buyout offer.
Yet the foundation is expected to retain a close relationship to the company, said Dennis FitzSimons, the company’s chief executive and the foundation’s board chairman.
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