Grab your scorecards, Fools. Last week, Warren Buffett, Sam Zell, and Mark Cuban -- billionaires all --directly or indirectly added to the now months-long flow of news surrounding Tribune
Buffett's entry into the fray clearly was indirect and advisory. It occurred through his yearly letter last week to Berkshire Hathaway
But Buffett, who owns The Buffalo News in New York State and sits on Washington Post's
At about the same time, Zell, a Chicago real estate tycoon, confirmed that he may mount a bid to acquire Tribune. While speaking at a real estate industry event, Zell verified prior speculation that he would be interested in forming an employee stock ownership plan and that he and the plan would then own the company jointly. Zell, who provided no other specifics on his proposed approach to acquiring Tribune, is in the process of selling the Chicago-based real estate trust he founded to Blackstone Group.
And Texas technology billionaire Cuban denied reports in mid-week that he was interested in acquiring Tribune's Chicago Cubs baseball team. The colorful Cuban, who owns the Dallas Mavericks basketball team, also is well-known for his blogmaverick.com site.
In addition to the possibility of a specific proposal from Zell, a special committee of Tribune's board is considering three other buyout or restructuring offers for the company. Nevertheless, the organization itself hardly is standing still, despite the flurry of activity surrounding it. Late in the week, the company sold two of its smaller newspapers to Gannett
Tribune, like several other newspaper publishers, including New York Times
For related Foolishness:
- Will All Newspapers Fold? Part 2
- Extra, Extra: Chaos Reigns
- Fool on the Street: Gannett Moves Into the Future
New York Times is a Motley Fool Income Investor selection. Berkshire Hathaway is an Inside Value recommendation. Try out these or any of our other Foolish newsletters for yourself, free for 30 days.
Fool contributor David Lee Smith does not own shares in any of the companies mentioned. He welcomes your comments or questions.
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