Tribune to put up $500M cash to move takeover along

It will use cash on hand to reduce the bridge loan it took to buy out public shareholders from $2.1 billion to $1.6 billion. The bridge loan was part of the 2-step process that will take the company private. CNNMoney reports that analyst Mike Simonton said "the $500 million payment eases Tribune's costs, as it was made on a debt slice with hefty interst costs" and "the payment may also help Tribune clear financial tests laid out in its credit agreements."