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Tribune Co. signs deal to sell Cubs

Updated: August 22, 2009, 2:08 AM ET
Associated Press

CHICAGO -- Media conglomerate Tribune Co. announced a definitive agreement Friday to sell all but a 5 percent stake in the Chicago Cubs and Wrigley Field to the billionaire Ricketts family, capping a tortuous process that began nearly 2 years ago.

Tribune valued the transaction at about $845 million.

"Our family is thrilled to have reached an agreement to acquire a controlling interest in the Chicago Cubs, one of the most storied franchises in sports," said Joe Ricketts, who founded ...

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