philly

The Tribune Company, worth approximately $8B was sold for $34/share via what the NY Times referred to as "a combination of savvy dealing and creative financial engineering" — a combination of words, which to me, smell like trouble. The Tribune Company is the parent company of: Newspapers: The LA Times, The Chicago Tribune, The Baltimore Sun, Newsday, Hoy, AM NY, Hartford Courant, Sun Sentinel. Television: CW 11, WGN. Entertainment: Chicago Cubs.

Reactions from around the way:

• LA Times: Zell could be biggest winner
• Washington Post: Chicago Magnate To Control Tribune
• Chicago Tribune: Zell lands Tribune
• Editor & Publisher: Tribune Newsroom Staffers Wonder What Future Holds
• USA Today: $8 billion deal takes Tribune private
• BBC News: Property magnate to buy LA Times

And some quick links from Gawker.

Mum's the word here in Philly at PNI other than AP copy.

It's been a rocky road in Philly with the selling/acquisition of papers.

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