Tribune Media's three largest shareholders are looking to sell 25 percent of their combined stake through a secondary offering, the Chicago Tribune reported today. Oaktree Capital Management; Angelo, Gordon & Co.; and JPMorgan Chase, the former senior creditors who guided Tribune Co. out of bankruptcy, want to divest 9.2 million shares of Class A common stock through the proposed secondary offering. The selling shareholders also will grant underwriters an option to buy nearly 1.4 million additional shares, according to a registration statement filed with the Securities and Exchange Commission. The total value of the offering could be nearly $654 million, at a proposed maximum price of $61.53 per share, according to the filing. Tribune Media will not receive any proceeds from the secondary offering.
