Tribune Backs Buyback

Media conglomerate Tribune(TRB Quote) stood firm on its publicly announced plan to buy back $2 billion in stock while selling some assets and cutting costs.

In response to a report suggesting the company is considering selling its TV business, and to the dissent of three board members, the company Thursday reiterated its intentions.

"Tribune's recently announced tender offer was approved by a clear majority of its board of directors as being in the best interests of all shareholders," the company said, in a statement. "As disclosed in our filing with the SEC, the board made this decision after considering a broad range of alternatives and the company is proceeding expeditiously with the tender offer, which will conclude on June 26." ...