NEW YORK (Reuters) - Chicago real estate tycoon Sam Zell remains committed to taking Tribune Co. private, a source close to the transaction said on Tuesday, as shares of the U.S. newspaper publisher and broadcaster fell because of concerns that the deal might not go through.
Zell’s perspective on Tribune “as an investment and as a company has not changed,” said the source, who requested anonymity because the source was not authorized to speak for Zell.
Tribune shares fell as low as $24.46 on the New York Stock Exchange on Tuesday, nearly $10 below the $34 a share that investors are receiving as the company goes private.
Shareholders have been pushing down the stock, fearing that the company’s worsening performance and a crunch in the wider credit market could endanger the deal.
Reporting by Robert MacMillan