Suitors for Freedom Communications, parent company of the Tribune, submitted their final bids Monday as the company moved closer to deciding whether it will be sold or remain a private, family-owned business.
Freedom’s investment bankers, Morgan Stanley and Evercore Partners, will meet several times with nonfamily board members to select the finalists to present to the company’s full board Oct. 1. But the board could decide to engage in further negotiations with some bidders, delaying a decision for days or weeks.
When the board makes a decision, it is expected to approve two or more bids to present to shareholders for a vote that could take place up to 30 days later.
Media companies that were expected to bid include Gannett Co., MediaNews Group and the Journal Register Co. There are also several equity investment firms interested. A faction of the family that hopes to retain control of the company favors a bid by Blackstone Group and Providence Equity Partners.