Business Services Industry
Activist investor buys Tribune stake.(Nelson Peltz investing in Tribune Co. (Chicago, Illinois))(Brief article)
Crain's Chicago Business, August, 2006
Nelson Peltz, the billionaire investor agitating for change at the top of H. J. Heinz, has amassed a significant stake in Chicago media giant Tribune. Mr. Peltz's investment fund bought about 2.83 million shares in the quarter ended June 30, about 1% of Tribune's outstanding stock, securities filings show.
At a news conference after Heinz's annual meeting, where Mr. Peltz and four allies had sought seats on Heinz's board, Mr. Peltz and his associates declined to discuss their new stake in Tribune, but they described the "operational activism'' they said applies to all their holdings. "We've spent our lives living and breathing the income statement,'' Mr. Peltz said. "How do we get sales up? How do we get expenses under control? The companies we look at and...
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