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Eli Broad, Ron Burkle Up Bid For Tribune Company

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Mar 29, 2007 8:37 pm US/Pacific

Eli Broad, Ron Burkle Up Bid For Tribune Company

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LOS ANGELES (AP) ―

Click to enlarge 1 of 1: The Tribune Company
AP

The Associated Press has learned billionaires Eli Broad and Ron Burkle upped their bid Thursday to buy Chicago-based media company Tribune Company offering a total deal that would exceed that currently being offered by real estate magnate Sam Zell.

According to a source that asked to remain anonymous, Broad and Burkle sent a letter to the Tribune board offering $34 per share in a recapitalization scheme that would involve an employee stock ownership plan.

The two Los Angeles billionaires also offered to contribute $500 million cash to the deal.

The offer exceeds Zell's bid of $33 per share.

The competing offer by Zell had been thought to be the company's favored choice. Zell's bid is reportedly valued at about $8 billion, excluding debt.

Tribune Company is the owner of Chicago Tribune, the Los Angeles Times and KTLA.