Reports: Tribune Co. CEO expected to resign once private sale closes

Tribune Co. Chairman and Chief Executive Dennis FitzSimons is ready to step down once he receives word the $8.2 billion buyout of the company has closed, according to published reports.

If the deal led by real estate magnate Sam Zell runs into any obstacles, however, FitzSimons, would likely remain until the transaction is finalized, according to published reports Tuesday evening.

FitzSimons' announcement could come as early as Wednesday, according to The Los Angeles Times, which first reported the story on its Web site Tuesday, citing an unnamed person close to the company.

Chicago-based Tribune spokesman Gary Weitman did not immediately return telephone messages left after business hours from The Associated Press.

FitzSimons, 57, would leave Tribune with nearly $40 million in severance and stock holdings, according to corporate disclosure statements cited by the newspapers.

Zell was expected to complete his takeover of Tribune, the parent of the Tribune and the Times, later this week.

The company owns 11 daily newspapers, 23 television stations and the Chicago Cubs baseball team, which it has agreed to sell under terms set by Zell. The buyout will result in the publicly traded company becoming private.