Tribune (TRB) Holder McCormick Foundation Is Evaluating Its Investment, Hires Blackstone Group

In an amended 13D filing on Tribune Co. (NYSE: TRB), 11.7% shareholder Robert R. McCormick Tribune Foundation said it will be evaluating its investment in the company. The foundation said because of its sizeable investment and in view of the strategic assessment being conducted by the company they have established an advisory committee, engaged The Blackstone Group L.P. as its financial advisor and executed non-disclosure agreement with the company to obtain confidential information.

According to reports from Blooomberg, a spokesman for the McCormick foundation, said they are considering a "wide range of options", including a bid.

Tribune's largest shareholder, the Chandler family, is also reportedly considering a bid for the company.