Tribune has narrowed its potential list of bidders for the Chicago Cubs to three to five groups, sources said. Of the 10 groups approved to bid for the franchise by Major League Baseball, only those that bid $1 billion or more for the team, its home ballpark Wrigley Field and a stake in a regional sports TV network advanced to the next round. Sources said Internet billionaire Mark Cuban and a publicly held group led by New York taxi tycoon Andrew Murstein were among those advancing.
A federal grand jury Thursday indicted veteran Los Angeles attorney Pierce O'Donnell for allegedly violating federal campaign laws by making $26,000 in "conduit" campaign contributions through employees of his law firm and others.
XM, SIRIUS PAY
XM and Sirius, as a condition of their merger, agreed to pay $19.7 million to settle a case alleging violation of federal rules. XM said it will pay $17.5 million and Sirius said it will pay $2.2 million for fines related to complaints about interference between sat radios and land-based stations and violations related to signal repeaters the companies operate to deliver content.
AVID LOSSES MOUNT
Avid Technology, in the midst of a turnaround, on Thursday reported declining revenue and growing losses in the second quarter. The company said it lost $10.4 million, up from a loss of $6 million a year ago, on revenue that sunk from $225.3 million to $222.9 million.