Large Nonprofit Group Acquires Buyout Consultant
January 5, 2007 | Read Time: 1 minute
The McCormick Tribune Foundation has hired a buyout firm to advise it as the Tribune Company is being put up for sale, reports The New York Times.
The foundation is the second-largest shareholder in the company, with an 11.7 percent stake. It has hired the Blackstone Group to review its financial information and offer guidance as to whether the foundation will sell its shares.
Tribune stock accounts for 75 percent of the foundation’s value. The Tribune Company owns The Los Angeles Times as well as 10 other newspapers, 24 television stations, and the Chicago Cubs.
The foundation’s five directors all are current or former members of Tribune Company management, potentially creating a conflict of interest, the newspaper says. However, the foundation said it had taken steps to avoid such problems.
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