Sam Zell, the Chicago billionaire, prevailed in the battle for Tribune, one of the largest US media groups, after he agreed to raise his offer to $34 per share, or more than $8.1bn, allowing him to push past a rival bid from California billionaires Eli Broad and Ron Burkle.

Mr Zell, who built his fortune in the property market, also agreed to raise the cash component of his offer to $315m from $300m in order to take control of Tribune, the second-largest US newspaper publisher in terms of circulation. He also owns 23 television stations and the Chicago Cubs baseball team.