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CHICAGO (AFX) - Media company Tribune Co. said Friday it repurchased 45 million of its common shares at $32.50 per share, through a modified Dutch auction tender offer.
The 45 million shares purchased represent about 15 percent of the company's outstanding shares as of June 26. After completion of the tender offer, there are about 258 million shares outstanding.
Tribune's buyback plan as been a bone of contention with the Chandler family, its largest individual shareholder, three members of which are directors on Tribune's 11-member board.
As part of a purchase agreement with the McCormick Tribune Foundation and the Cantigny Foundation, Tribune said it will also buy a total of 10 million shares on July 12 for $32.50 per share, and will buy back another 20 million shares on the open market on or after July 12.
Tribune shares closed up 3 cents at $32.43 in Friday trading on the New York Stock Exchange. Copyright 2006 Associated Press. All rights reserved. This material may not be
Copyright 2006 AFX News Limited. All Rights Reserved.
