On this day in 1981, Tribune Publishing Co (NYSE: TPUB) -- then known as Tribune Co -- bought the Chicago Cubs and Wrigley Field for a lowly $20 million. The company sold the team to the Ricketts family in 2009.
Tribune recently turned down a takeover offer from Gannett Co Inc (NYSE: GCI) that represented about a 100 percent premium to Tribune's share. The Cubs have become MLB's best team this season.
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"The Cubs, famous for their record-long streak of failing to win a World Series, have shown an uncanny ability to snatch defeat from the jaws of victory," Wall Street Journal's Spencer Jakab writes. "It is safe to say that Wall Street and the media world view Tribune's move similarly. The Curse of the Billy Goat may be contagious."