Tribune Co. gets offer from Sam Zell-New York Times

NEW YORK Sun Feb 25, 2007 6:29pm EST

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NEW YORK Feb 25 (Reuters) - Media group Tribune Co. TRB.N is weighing a proposal from Chicago real estate magnate Sam Zell, who sold his office development company earlier this month in the biggest leveraged buyout ever, according to The New York Times.

Zell's offer would involve buying the entire company with the participation of an employee stock ownership plan, the Times said, citing sources. The deal would be highly leveraged, but would have tax advantages, including the ability to write off interest and debt.

The offer by Zell, who sold his Equity Office Properties Trust to Blackstone Group for $23 billion plus the assumption of debt, would all but eliminate other offers, including one from Los Angeles billionaires Ronald Burkle and Eli Broad, the Times said.

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