CHICAGO, Dec. 20 (Xinhua) -- U.S. media group Tribune announced that it has completed its going-private transaction and will cease trading on the New York Stock Exchange at market close Thursday.

    Sam Zell, the real estate tycoon who financed the transaction, assumed the roles of chairman of the board and chief executive officer, effective immediately, the company said in a press release.

    "We have a tremendous opportunity to take the great brands of Tribune Company, and the enormous talent within the company, to a new level," said Zell upon the conclusion of the deal.

    Tribune announced its intention to become a private company on April 2, 2007, owned 100 percent by the Tribune Employee Stock Ownership Plan(Tribune ESOP).

    Zell made an initial investment of 250 million U.S. dollars in Tribune, and was named to the company's board of directors in May.

    As part of the going-private transaction, Zell increased his investment in Tribune to 315 million dollars by purchasing a note and a warrant to acquire up to 40 percent of the company's equity.

    Under the terms of the transaction agreement, all of Tribune's publicly held shares of common stock, except for those owned by the Tribune ESOP and shares held by shareholders who validly exercised appraisal rights, will be cashed out at 34 dollars per share.

    Tribune owns the Chicago Tribune, the Los Angeles Times and seven other daily newspapers along with 23 television stations and the Chicago Cubs.