On April 2, 2007, the Tribune Company announced its acceptance of real estate entrepreneur Sam Zell's offer to buy the "Chicago Tribune", the "Los Angeles Times", and all other company assets. Zell announced that he would sell the Chicago Cubs baseball club. He put up for sale the company's 25 percent interest in Comcast SportsNet Chicago. Until shareholder approval was received, Los Angeles billionaires Ron Burkle and Eli Broad had the right to submit a higher bid, in which case Zell would have received a $25 million buyout fee.