Tribune Company (NYSE:TRB) said that it plans to keep its remaining newspapers after announcing the sale of The Advocate and the Greenwich Time to Cannett Co. earlier this week. The company first announced that it was considering the sale of some or all of its company last September, under pressure from Chandler Trusts. Since then, it received a number of offers from the Carlyle Group, Eli Broad and Bon Burkle among others but turned each one of them down. Recently, the special committee assigned with exploring strategic alternatives was reportedly leaning towards a restructuring that would involve a spin-off of the company's television stations and a large special dividend payout with the proceeds. The committee was also rumored to be looking at a buyout bid for the entire company from billionaire real estate mogul Sam Zell. Regardless, Tribune is definitely a stock worth watching as they explore options for the company.

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Ford Motor Company (NYSE:F) shares jumped $0.31, or 4.07%, to $7.93 today after the U.K. Daily Telegraph reported that the company would sell its Aston Martin division by Friday at the opening day  of the Geneva Motor Show. The sale will be made to a consortium of business interests from the U.S. and Middle East, headed by Prodrive founder and world rally champion owner David Richards. The price is rumored to be near GBP500 million, which is roughly half of what Ford originally asked for six months ago. The transaction should prove to be a boost for the struggling automaker's cash position, which makes Ford a stock to watch.

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Friendly Ice Cream Corporation (AMEX:FRN) share moved up $1.87, or 15.71%, to $13.70 today after the company announced that it retained Goldman Sachs to assist the Board of Directors in exploring strategic alternatives to enhance shareholder value, including a possible sale of the company. We first began covering FRN back in November and again in December when we noted that the Lion Fund had established a stake in the company and sought to unlock value through a possible sale. Since then, the stock has risen more than 30% including today's 15% gain as the company finally agreed with the company. Now, many investors are betting that the company will put itself up for sale with Mr. Biglari of the Lion Fund being a potential bidder.

This story was one of the more interesting fights we've seen between shareholders and management. Shareholders first established a group to fight the company, complete with a website: http://www.enhancefriendlys.com. Shortly thereafter, the shareholders took things even further by putting up billboards near the company's headquarters publicizing the fact that their company needed fixing. The giant billboards claimed that two board candidates they proposed are "Good for Employees, Franchisees, Shareholders". This campaign - designed to target ordinary investors - was clearly designed to cut into day-to-day operations. And while the campaign wasn't unprecedented, it was certainly unusual by any standard! Regardless, FRN continues to be a stock worth watching as the company mulls its options.

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