Tribune Buys Back 45 Million Shares
From Times Wire Services
Tribune Co., confirming initial figures, said it accepted for purchase 45 million shares tendered by investors at $32.50 each.
An additional 10 million shares will be bought back from major shareholder McCormick Tribune Foundation. The Chicago-based media concern, which owns the Los Angeles Times, said it would also purchase 20 million shares in the open market, bringing Tribune’s total buyback to 75 million shares, or 25% of its 300 million shares outstanding.
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