Tribune Co. Buys Back Stock

May 30, 2006

The Tribune Company approved a plan to purchase 75 million shares of its own stock back from shareholders.

The cost to the Chicago-based company is over $2 billion.

A spokesperson for Tribune Company says the move will lower its cost of capital.

He also says they'll sell off some company assets that aren't related to the media and programming markets - but they have no plans to sell the Chicago Cubs.