McCormick Tribune Foundation reviewing Tribune stake

WASHINGTON (Reuters) - McCormick Tribune Foundation, one of the largest shareholders in media group Tribune Co. (TRB.N), said in a regulatory filing on Thursday it is evaluating its investment in light of Tribune's strategic assessment.

Tribune, which owns 11 daily newspapers including the Chicago Tribune and Los Angeles Times as well and operates 23 television stations, is in the middle of a review that could result in the company's sale or the spin-off of various divisions.

The foundation said in a filing with the U.S. Securities and Exchange Commission that it has established an advisory committee, hired the Blackstone Group as its financial adviser and signed an agreement to obtain confidential Tribune information to conduct its evaluation.

The foundation owns an 11.7 percent stake, or about 28 million common shares, in Tribune stock.

It said it reserves the right to take actions such as buying or selling Tribune stock in the open market, in block trades and in privately negotiated transactions, and pursuing alternative transactions.

There have been reports that Tribune's largest shareholder, the Chandler family, is eyeing a bid of its own with billionaire investor Ron Burkle's firm Yucaipa Cos.