The Tribune Co. began buying back $4.3 billion in stock Wednesday, and ultimately will take more than half its shares off the market as it goes private.

The buyback marks the first step in Sam Zell’s $8.2 billion buyout deal to take the company private. The shares are being bought at $34 each.

“With Sam Zell’s initial investment completed, and the tender offer launched, the first stage of our transaction that will result in Tribune Company going private is underway,” said Tribune’s Chief Executive Dennis FitzSimons in a statement.

With Zell’s initial investment completed after this buyback, he will join the Tribune board before the company’s annual meeting on May 9.

The Chandler Trusts, which hold about 20 percent of Tribune’s stock, will tender all of the company’s shares that it holds by the time the offer expires on May 24, the family said. Tribune’s employee stock ownership plan and Zell will not tender any shares.

Zell will pay $500 million in all for control of about 40 percent of the company, giving him the largest individual stake with Tribune employees owning the rest through an employee stock ownership plan created by the agreement.