Newspaper wrap-up: Tribune buyout contingent on solvency opinion

MAJOR PAPERS:

The Wall Street Journal's "Deal Journal" reported that Sam Zell's planned buyout of Tribune Company (NYSE: TRB) is contingent on the receipt of a solvency opinion, and that this is the first time they have ever seen a deal dependant on this.
The WSJ's "Heard on the Street" reported that Countrywide Financial Corporation (NYSE: CFC) may not be out of the woods yet. Despite executives promising a return to profitability, there is still a risk the company may eventually seek bankruptcy protection or "resort to huge sales" of new stock.
U.S. private equity group JC Flowers "is understood" to have walked away from the auction for troubled bank Northern Rock, the Financial Times reported.
Rupert Murdoch is shaking up the management of News Corp (NYSE: NWS.A), the Financial Times reported, giving his son, James Murdoch, control over the company's European and Asian operations, and appointing two trusted executives to lead Dow Jones & Company Inc (NYSE: DJ) and the Wall Street Journal.

WEB SITES:

Barron's Online's "Weekly Trader" said AutoNation Inc (NYSE: AN) looks attractive now, despite hovering near a multi-year low. The company has also been on a slow but steady quest to diversify away from unpopular domestic brands by snapping up luxury and import dealerships.

Tags: AN, AutoNation, CFC, Countrywide Financial, CountrywideFinancial, DJ, Dow Jones, DowJones, JC Flowers, JcFlowers, Murdoch, News Corp, NewsCorp, Northern Rock, NorthernRock, NWS.A, private equity, PrivateEquity, Rupert Murdoch, RupertMurdoch, Sam Zell, SamZell, TRB, Tribune, Wall Street Journal, WallStreetJournal