From the WSJ:

    Chicago investor Sam Zell has won the bidding for Tribune Co., according to a person familiar with the company’s six-month old auction.

    Exact terms should be disclosed this morning, this person said. They include a low break-up fee, which would encourage the partnership of Eli Broad and Ron Burkle to pursue a still higher offer, if they choose. The two Los Angeles investors had been trying to unseat Mr. Zell at the last moment, but could not do so in a way that satisfied Tribune’s board.