Dissent On Tribune Board Could Cause Problems

More accurately, perhaps, the WSJ report about an SEC filing that shows dissension on the Tribune Co. board has set off a wave of speculation about possible affects on the company. The three board members representing the Chandler family voted against the stock buyback last week; the proposition won easily but their opposition could signal a chink in the company’s defenses even as it tries to signal its independence. Chairman Dennis FitzSimons told his staff in a memo (via Romenesko) “it’s important to note that eight of the 11 board members voted in favor of the tender offer as being in the best interests of all shareholders, many of whom are employees.”
TheStreet : The news that the Chandlers not only disagreed but wanted the dissent noted in a public filing may cause some shareholders to pause.
Meanwhile, the non-core asset — ie properties not in LA, Chicago or New York — fundraising started this week with the planned sale of WATL-TV, a WB affiliate, to Gannett for $180 million.

Comments have been disabled for this post