Chicago media company Tribune Co. (TRB) reported November consolidated revenue slipped 3.3% to $413 million compared to last year. Revenue from publishing fell 3.5% to $321 million, and advertising sales slumped 4.9%. The company, which said it expects to complete it plans of going private by the end of its 2007 fiscal year, said Wednesday it will sell its ownership of the Chicago Cubs, Wrigley Field, associated real estate, and its stake in Comcast SportNet Chicago to pay off existing debt. It anticipates these transactions to take place in the first half of 2008. Tribune finished Tuesday up 0.3% to $31.54; it is expected to go private for $34/share.
Additional Reading: Use Arbitrage: Tribune is a Perfect Example
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