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Tribune sees sale of Cubs in first half of 2008

Publisher and broadcaster Tribune Co. said on Wednesday it now expects to complete the sale of the Chicago Cubs baseball team, Wrigley Field and other assets in the first half of 2008.
Publisher and broadcaster Tribune Co. said on Wednesday it expects to complete the sale of the Chicago Cubs baseball team, Wrigley Field and other assets in the first half of 2008.
Publisher and broadcaster Tribune Co. said on Wednesday it expects to complete the sale of the Chicago Cubs baseball team, Wrigley Field and other assets in the first half of 2008.Reuters
/ Source: Reuters

Publisher and broadcaster Tribune Co said on Wednesday it now expects to complete the sale of the Chicago Cubs baseball team, Wrigley Field and other assets in the first half of 2008.

Tribune put the Cubs up for sale in April with the aim of completing it by the end of this year but the process has taken longer than expected and a winner is still to be determined.

The company plans to use the proceeds to pay down debt as it works to complete an $8.2 billion private buyout.

Analysts believe the assets, which include a stake in sports cable TV network SportsNet Chicago, could attract bids topping $1 billion.

Major League Baseball Commissioner Bud Selig told Reuters last month that Tribune would likely release financial data on the Cubs to potential bidders in January. The club has attracted credible interest from at least 15 parties.

Tribune also said its revenue for November fell 3.3 percent, hurt by declines in classified and help-wanted advertising for its newspapers.