Chicago - Media firm Tribune on Monday ended months of speculation about its future by accepting an $8.2 billion takeover offer from real estate mogul Sam Zell, the chairman of Equity Group Investments.

Under the deal, Zell will contribute $315 million to the deal, and will own about 40% of Tribune's stock, with employees holding the remainder through a stock option program.

Zell will become chairman of the company, which will become privately held.

Tribune, which owns 11 daily newspapers and 25 TV stations, as well as the Chicago Cubs baseball team, put itself on the auction block last fall, also entertaining inquiries from rival publisher Gannett, several private equity firms and a pair of Los Angeles billionaires.

The company is planning to sell the Cubs following this baseball season.

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http://biz.yahoo.com/prnews/070402/cgm027.html?.v=83

http://biz.yahoo.com/prnews/070402/cgm028.html?.v=86

http://tinyurl.com/2z9zt8 (Chicago Tribune)