Tribune Shareholders Vote To Sell Company
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Tribune Co. shareholders consented to the $8.2 billion buyout of the company on yesterday, an expected but noteworthy milestone in a drawn-out transaction that still awaits federal approval and billions of dollars in promised financing. The shareholder meeting in Tribune Tower, the last scheduled for the 160-year-old company, was marked by unions’ complaints that employees of the soon-to-be employee-owned firm will have no formal role in running it. Some shareholders also voiced concerns about its ability to operate in a struggling newspaper industry under a mountain of debt.
