Tribune Could Owe $500M In Taxes On Cubs, Newsday Deals

Law360, Chicago (June 18, 2013, 4:25 PM EDT) -- Six months after escaping bankruptcy, media giant Tribune Co. revealed Monday that it could owe upward of $500 million in taxes stemming from its long-closed sales of the Chicago Cubs and the Newsday newspaper.

The Internal Revenue Service is proposing a $190 million tax assessment and a $38 million “accuracy-related penalty” against Tribune, along with $17 million in interest, for the May 2008 deal in which Cablevision Systems Corp. scooped up most of Newsday Media Group for $650 million, according to footnotes to the company’s 2012...
To view the full article, register now.