Battle for Tribune

Billionaires Eli Broad and Ron Burkle increased their bid for Chicago-based media company Tribune Co, offering a total deal that would exceed one being offered by real estate magnate Sam Zell, a source said.

The company is the United States' second-largest newspaper publisher by circulation.

Broad and Burkle sent a letter to the Tribune board offering US$34 ($48) per share in a recapitalisation scheme that would involve an employee stock ownership plan, the source said.

The offer exceeds Zell's bid of US$33 per share.

- Agencies