Zell Seals $8.2B Tribune Deal

Vows sweeping change at now-private media company
By Zach Samalin,  Newser Staff
Posted Dec 20, 2007 1:16 PM CST
Zell Seals $8.2B Tribune Deal
The Tribune Tower is seen along Chicago's Michigan Avenue in this June 20, 2006, file photo. Zell closed his deal to buy Tribune Co. today. (AP Photo/Nam Y. Huh)   (Associated Press)

Billionaire Sam Zell today sealed his bid to buy Tribune Co., proving wrong all Wall Street naysayers since his original $8.2 billion offer last April. Zell steps in as CEO and chairman, and promises sweeping reforms to the way the now-private media conglomerate will be run, the Chicago Tribune reports. "You call it CEO and I'll call it owner," Zell said of his new role.

Topping Zell's to-do list is tackling Tribune's imposing $13 billion debt. But the company expects to see drastic changes in the way it is structured, too, as Zell implements a bottom-up system whereby its newspapers—including the LA Times, Chicago Tribune, and Newsday—will be held accountable for managing themselves, rather than taking orders from on high. (More Sam Zell stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X