Media giant Tribune Co., owner of the Los Angeles Times, the Chicago Tribune and the Chicago Cubs baseball team has agreed to go private through an $8.2 billion sale to billionaire Sam Zell and employees.

Media giant Tribune Co., owner of the Los Angeles Times, the Chicago Tribune and the Chicago Cubs baseball team has agreed to go private through an $8.2 billion sale to billionaire Sam Zell and employees.

Zell said he will pay down the $8.4 billion needed to fund the $34-a-share offer by selling the Cubs.

The decision ends Tribune's six-month search for a buyer. Tribune initially agreed to Zell's proposal after he raised his offer over the weekend to match businessmen Ron Burkle and Eli Broad.

"Given everything that is going on, we think this is a very good outcome," said Charles Bobrinskoy, vice chairman of Ariel Capital Management in Chicago, which owns 6 percent of Tribune. "You've got to take into account the fact that this has been a challenging time for newspaper companies."

Under the terms of the agreement, Tribune is entitled to consider other offers, giving Burkle and Broad an opportunity to return with a better offer. The breakup fee is $25 million.

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