SAM ZELL COMPLETES BUY OUT OF THE US TRIBUNE PUBLISHING COMPANY
December 23rd 2007 06:40
American real-estate magnate Sam Zell completed his US$8.2 billion (A$9.5 billion) buyout of Tribune Co, and installed himself and two longtime associates, Randy Michaels and Gerald A. Spector, at the head of the debt-laden company, the Wall Street Journal reports.
Tribune, which owns the Los Angeles Times, Chicago Tribune and a string of TV stations, also named a new board.
The Wall Street Journal said Tribune now has US$13 billion of debt as a result of the buyout, and is facing deteriorating market conditions in the newspaper industry.
Zell said he wasn’t concerned about Tribune’s debt load because its cash flow was stable, but he did point out that he would shake things up at the company.
He said that Tribune, like the rest of the newspaper industry, "has been mired in its monopolistic origins" and that he wants to "create a fresh, entrepreneurial culture that is fast and nimble."
He added, "I'm sick and tired of listening to everyone talk about and commiserate over the end of newspapers. They ain't ended and they're not going to end. I think they have a great future."
- From MediaBlab
Tribune, which owns the Los Angeles Times, Chicago Tribune and a string of TV stations, also named a new board.
The Wall Street Journal said Tribune now has US$13 billion of debt as a result of the buyout, and is facing deteriorating market conditions in the newspaper industry.
Zell said he wasn’t concerned about Tribune’s debt load because its cash flow was stable, but he did point out that he would shake things up at the company.
He added, "I'm sick and tired of listening to everyone talk about and commiserate over the end of newspapers. They ain't ended and they're not going to end. I think they have a great future."
- From MediaBlab
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