The company and its biggest shareholder hope to have a deal ready for the board next Thursday, according to the Chicago Tribune.
Tribune Co. and California’s Chandler family are close to unwinding two controversial partnerships at the heart of the boardroom battle that has roiled the company since early June, several sources close to the situation told the Chicago Tribune.
But while that might ease some of the pressure on Tribune Chairman Dennis FitzSimons, the heat continues to build from a number of different quarters.
On Thursday, Tribune released August advertising results indicating continued sluggishness in its main businesses, including an 11% fall in sales from national newspaper advertising and a 1.6 percent dip in overall revenue, the paper reported.
After several weeks of “constructive” discussions, sources told the Tribune that FitzSimons and his team spent much of Tuesday and Wednesday at the Chicago offices of law firm Sidley Austin LLP trying to hammer out a solution with Los Angeles attorney William Stinehart, one of three Tribune board members representing the interests of the Chandler Trusts.
Spokesmen for both the Chandlers and Tribune declined to comment on the meetings or the shape of the partnership discussions. But sources close to the situation told the paper that the hope has been to reach a resolution before a Tribune board meeting to be held next week.