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Like many other going-private LBOs, our deal involved significant leverage. But ours had one big difference. If we succeeded in growing Tribune, many people would benefit, including, first and foremost, the employees. The ESOP would enable employees to participate in the upside. The majority of any increase in the value of the company’s stock would accrue to the ESOP and ultimately to employees through their ESOP accounts. So employees would be highly motivated to succeed. That sounded great to me. Everyone would have skin in the game. Including me. It would be the single largest personal investment in my career.
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