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MediaBuyerPlanner: The Tribune Co., which was expected to announce this week that it was selling itself to real estate mogul Sam Zell, has responded to a request for additional financial information from Eli Broad and Ronald Burkle.
The response could mean that the negotiating process will be reopened, and that Broad and Burkle may have a chance to sweeten their original offer and get back in the running, reports The New York Times.
Zell's late bid for the company was based on an employee stock ownership plan. Broad and Burkle apparently expressed a complaint that Zell received financial information that they had not been given, and asked for that information a few days ago.
Tribune Co. had named Saturday as a deadline for an announcement about any possible sale, but the fact that Broad and Burkle may be back in the running could cause a delay.
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