December 17, 2018

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Zell Plans Overhaul of Tribune Companies

Zell Plans Overhaul of Tribune Companies

Sam Zell took the reins of the Tribune Companies Thursday, and promised a wide-reaching overhaul of the business. Zell, a billionaire real estate mogul, promises to make sweeping changes. Some changes have already garnered significant attention, like his addition of controversial radio personality Randy Michaels to his management team.
The $8.2 billion deal takes the media firm private. Declining advertising revenue is cited as one of the key drivers of the enormous $12 billion in debt the Tribune Companies are carrying. Zell has announced plans to reduce the debt by selling the Chicago Cubs baseball team and Wrigley Field.
“I’m sick and tired of everybody talking about and commiserating about the end of newspapers. They ain’t over,” Zell said Thursday at a news conference in Chicago.
Tribune Companies include the daily newspapers The Chicago Tribune and The Los Angeles Times.

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1 Comment

    Chip Griffin

    This will be a fascinating transition to watch. I still believe there is much promise for the newspaper industry, it’s simply a matter of adapting to new realities.

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