Tribune Shareholders Approve Merger Agreement
August 21 2007 - 4:17PM
PR Newswire (US)
CHICAGO, Aug. 21 /PRNewswire-FirstCall/ -- Tribune Company
(NYSE:TRB) announced that Tribune shareholders have approved the
merger agreement entered into in connection with the company's
previously announced going-private transaction. At the company's
special shareholders meeting today in Chicago, approximately 97
percent of the shares voted were cast in favor of the merger. The
number of shares voted in favor of the merger represented
approximately 65 percent of the total shares outstanding and
entitled to vote at the meeting. "We're pleased that Tribune
shareholders recognize the value of this transaction and have voted
overwhelmingly to approve it," said Dennis FitzSimons, Tribune
chairman, president and chief executive officer. "With financing
fully committed, we anticipate closing the transaction in the
fourth quarter, following FCC approval and satisfaction of the
other closing conditions." Sam Zell said, "I believe Tribune
Company is reasserting itself as a national leader in news
generation and distribution. Despite the recent upheaval in the
credit markets, my view of the company as an investment has not
changed." TRIBUNE (NYSE:TRB) is one of the country's top media
companies, operating businesses in publishing, interactive and
broadcasting. It reaches more than 80 percent of U.S. households
and is the only media organization with newspapers, television
stations and websites in the nation's top three markets. In
publishing, Tribune's leading daily newspapers include the Los
Angeles Times, Chicago Tribune, Newsday (Long Island, N.Y.), The
Sun (Baltimore), South Florida Sun-Sentinel, Orlando Sentinel and
Hartford Courant. The company's broadcasting group operates 23
television stations, Superstation WGN on national cable, Chicago's
WGN-AM and the Chicago Cubs baseball team. Popular news and
information websites complement Tribune's print and broadcast
properties and extend the company's nationwide audience.
Forward-Looking Statements This press release contains certain
comments or forward-looking statements that are based largely on
the company's current expectations and are subject to certain
risks, trends and uncertainties. You can identify these and other
forward looking statements by the use of such words as "will,"
"expect," "plans," "believes," "estimates," "intend," "continue,"
or the negative of such terms, or other comparable terminology.
Forward-looking statements also include the assumptions underlying
or relating to any of the foregoing statements. Actual results
could differ materially from the expectations expressed in these
statements. Factors that could cause actual results to differ
include risks related to the transactions being consummated; the
risk that required regulatory approvals or financing might not be
obtained in a timely manner, without conditions, or at all; the
impact of the substantial indebtedness incurred to finance the
consummation of the merger; the ability to satisfy all closing
conditions in the definitive agreements; difficulties in retaining
employees as a result of the merger agreement; risks of unforeseen
material adverse changes to our business or operations; risks that
the proposed transaction disrupts current plans, operations, and
business growth initiatives; the risk associated with the outcome
of any legal proceedings that may be instituted against Tribune and
others in connection with the merger agreement; and other factors
described in Tribune's publicly available reports filed with the
SEC, including the most current annual 10-K and quarterly 10-Q
reports, which contain a discussion of various factors that may
affect Tribune's business or financial results. These factors,
including also the ability to complete the merger, could cause
actual future performance to differ materially from current
expectations. Tribune is not responsible for updating the
information contained in this press release beyond the published
date, or for changes made to this document by wire services or
Internet service providers. DATASOURCE: Tribune Company CONTACT:
Media, Gary Weitman, office, +1-312-222-3394, fax, +1-312-222-1573,
, or Investors, Ruthellyn Musil, office, +1-312-222-3787, fax,
+1-312-222-1573, , both of Tribune Company Web site:
http://www.tribune.com/
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