Morning Wire: Joy to the world, Tribune sells to Zell

-SHOMARI HINES After months and months and months of an ass dragging auction process, the board of Tribune has decided that they like Sam Zell's offer. But we won't get too excited until this deal is official because the Tribune board is now known for their flip flopping. Early on out David Geffen had his hand in the whole thing but skipped out really fast. We really thought the company would have went to L.A. billionaires Ron Burkle and Eli Broad but the moment Sam Zell entered the race, Tribune wanted him to be the one, you know being a fellow Chicagoan and all. Sam Zell, a flamboyant Chicago real estate tycoon who has never run a newspaper, has won the battle of the billionaires for the Tribune Company, meeting the company’s demand for a higher bid to match one from Ronald W. Burkle and Eli Broad, a person close to the talks said today.Precise terms of the deal are expected to be disclosed this morning, though the price is $34 a share, or $8.2 billion, this person said. The centerpiece of his proposal is a complex financial structure known as an employee stock ownership plan, which is to pay for much of the deal. Tribune Accepts Real Estate Magnate’s Bid [NYT]