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Tribune Extends Review Process

It expects to have a plan in the first quarter of 2007.

Tribune (TRB) plans to extend its review process for mulling interest from prospective buyers.

The Chicago media giant said late Tuesday that the process had "generated a strong interest from a number of parties," and advisers to both the company and its independent board committee recommended an extension to "ensure thorough consideration of all proposals."

The company expects a final recommendation to the board in the first quarter of 2007.

Shareholders have been pressuring the company to sell off assets -- or the entire company. It has reportedly received myriad offers, ranging from billionaire individuals to private-equity consortiums to another from


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. Tribune had planned to decide by the end of the year whether it would continue divest itself of assets or sell the entire company.

Shares of Tribune have largely been in a downtrend for two years. The stock closed Tuesday up 1% to $32.10.

Separately, the company said that the Federal Communications Commission has approved the sales of WCWN-TV in Albany, N.Y., and WLVI-TV in Boston. Both transactions are expected to close in December and are part of a performance improvement plan announced earlier this year, the company said.

To date, Tribune has sold or agreed to sell about $450 million of non-core assets.