Tribune Finalizes Settlement in Matthew Bender Tax Case, Receives Refund
Tribune Company (NYSE:TRB) today announced that the company has finalized the settlement of its appeal of the 2005 Tax Court decision disallowing the tax free reorganization of Matthew Bender, a former subsidiary of The Times Mirror Company.
As a result of the settlement, Tribune has received a refund of federal income taxes and interest of approximately $344 million resulting from payments previously made for both the Matthew Bender transaction and a similar transaction completed by Times Mirror. After consideration of income taxes on the interest received, the net cash proceeds are approximately $286 million.
Tribune acquired Times Mirror in June 2000, and inherited the preexisting tax dispute at that time.
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TRIBUNE is one of the country’s leading multimedia companies, operating businesses in publishing, digital and broadcasting. In publishing, Tribune’s leading daily newspapers include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, The Morning Call and Daily Press. The company’s broadcasting group operates 23 television stations, WGN America on national cable, the national multicast network Antenna TV and Chicago’s WGN-AM. Popular news and information websites complement Tribune’s print and broadcast properties and extend the company’s nationwide audience.