Tribune's Chairman and CEO will resign

When the $8.2 billion buyout of Tribune Co. is finalized, current chairman and CEO Dennis FitzSimons will resign, according to The Associated Press.

Real estate magnate Sam Zell is leading the buyout transaction, which could be completed as early as this week.

FitzSimons, 57, could leave Tribune with nearly $40 million in severance and stock holdings, according to corporate disclosure statements.

He joined the company in 1982 as a sales director for WGN-TV, Chicago. He became chairman in 2004.

To read the full report click here.