Friday, 1 July 2016
Last updated 11 min ago
Jan 5 2007 | 10:44am ET
The McCormick Tribune Foundation and the Cantigny Foundation have retained the corporate advisory services division of The Blackstone Group to advise the foundations as they consider alternatives involving their investments in Tribune Company. Bids for the company, which owns The Los Angeles Times, the Chicago Cubs along with other newspapers and television holdings, are due on Jan.17, according to the New York Times.
McCormick Tribune holds approximately 28 million shares of Tribune Company common stock, representing some 11.7% of Tribune Company shares outstanding. The Cantigny Foundation owns 3.3 million shares of Tribune Company stock, or 1.4% of shares outstanding.
Both McCormick Tribune and the Cantigny Foundation were successors in interest to two charitable trusts created in 1955 in the declarations of the will of Robert McCormick, who at the time of his death was Chairman and CEO of Tribune Company and its largest shareholder.
McCormick Tribune, through a 13D filing made on Jan. 4 with the Securities and Exchange Commission, has signed a non-disclosure agreement with Tribune Company under which the company will provide the foundation with non-public financial information, which will aid the foundation and its financial advisor in its effort to determine what course of action is in its best interests with regard to its Tribune Company investment.
The McCormick Tribune Foundation is a nonprofit, charitable organization, which also operates Cantigny Park & Golf and Cantigny First Division Foundation in as well as the McCormick Tribune Freedom Museum in Chicago.