Tribune Watch: Last Minute Bid Wins Tribune For Zell: Report

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.