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Tribune Co. Sold For $8.2 Billion To Zell

After months of negotiations that saw few bidders, the Chicago-based Tribune Co., owner of the Chicago Tribune and Los Angeles Times, announced this morning its sale to billionare Sam Zell for $8.2 billion.

Zell outbid Los Angeles-based billionaires Eli Broad and Ron Burkle, upping his bid late last night.

The company also plans to sell the Chicago Cubs and its 25 percent interest in Comcast SportsNet Chicago after the conclusion of the 2007 baseball season.

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