Report: Tribune Mounting Cowles Bid
Nov. 10, 1997
MINNEAPOLIS (AP) _ Tribune Co., which owns the Chicago Tribune and a score of television and radio stations, is mounting a bid that could top $1 billion for Cowles Media Co., according to a report published today.
Cowles Media, parent company of the Star Tribune, announced Sept. 4 it was reviewing ownership options at the request of the Cowles Family Voting Trust, which owns about 56 percent of the company's voting shares.
The Cowles family and its financial advisers were expected to take at least two weeks to study proposals before choosing a buyer, Crain's Chicago Business reports in today's editions.
If the Tribune succeeds, the Star Tribune would be its first newspaper acquisition since 1975. In addition to the Chicago Tribune, the parent company's newspapers include The Orlando Sentinel, Sun-Sentinel in Fort Lauderdale, Fla., and Daily Press in Newport News, Va.
Tribune board members met Thursday to debate a possible deal, which was brought to the company by New York investment banking firm Goldman Sachs & Co., Crain's reported.
A Tribune spokeswoman declined to comment.