Tribune Watch: Zell Would Take Trib Private; Invest $300 Million; Become Chairman

Some more details on Chicago developer Sam Zell’s efforts to change the Tribune Company’s destiny from
Barrons (sub. req.) via “a person connected to the ongoing auction”: Zell would take the company private in a transaction worth about $13 billion and give majority control to an employee stock-option plan (ESOP). He would invest up to $300 million of his own money. He would become chairman. He has told the Tribune board he has commitments for all the funding.
The special board committee is supposed to make its decision by the end of March. We can only hope.