Just A Little Longer

While Jason Schmitt rumors swirl around like the whirlpool that will eventually become his late season respite, Crains had this to say yesterday on the fate of the Tribune.

Tribune Co. said Tuesday that it would extend its deadline for deciding whether to sell the company until the first quarter of 2007.

"We are committed to a complete review process that will yield maximum value for all Tribune shareholders," William A. Osborn, chairman of an independent committee set up to review offers, said in a statement. "We anticipate a final recommendation to the full board during the first quarter of 2007."

...

Tribune Chairman Dennis FitzSimons said response to the company's proposed sale has been "strong" and the timeline was being extended so the company could thoroughly consider all the proposals.

This would seem to mean one of two things. First, offers are strong but involve more than just cash and time is needed to value the likely exchange of stock that would take place.

The second, and more likely scenario, is that while the offers are "strong" in terms of seriousness, they are weak in terms of price. The delay is to try to drum up more interest and higher prices.

Looks like the timeline may be pushed back a little, but that's all. If prices are so weak for the whole company that may also make the scenario of a ChiTrib-WGN TV-WGN 720-Cub company more likely. The company may have to be sold in pieces.

What's been very interesting is Mark Cuban’s silence on all this. Well, silent except this little entry on his blog.

Wow. Mark's getting all fired up about newspapers and local advertising and synergies. Hmmm....