The WSJ (sub. req.) is reporting that Chicago real estate mogul Sam Zell has won the bidding for Tribune Company. Exact terms weren’t available, although it was likely to include a low break-up fee, which would encourage the partnership of Eli Broad and Ron Burkle to pursue a still higher offer, if they choose. The Tribune’s s board of directors negotiated late into Sunday night on a deal aimed at handing control of the 159-year-old Chicago Tribune, LA Times, Baltimore Sun and other major media properties to Zell for $13 billion, The Chicago Tribune reported earlier. Zell had revised his bid from $33 a share to $34, which seemed seemed positioned to trump an 11th-hour offer from rival LA billionaires Burkle and Broad.
Update: More reports now from AP, NYT, Bloomberg … Keep in mind: accepting this offer doesn’t mean it will go through — Clear Channel had to postpone its vote recently because shareholders are unhappy with plans to take the company private.
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