My confidence in the CEO of the Tribune Company, Dennis FitzSimons, ability to turn the fortunes of the media company around has been low. I would not go as far as Ken Reich, and call him a numbskull, but I have lost sleep many nights wondering when all the ado and dust will settle?
Wednesday when the Tribune Company announced historic revenues declines, I fully expected a major sell off of Tribune stock. But Dennis saved the day when he told the world the financing for the repurchase of 127 million shares of outstanding Tribune stock was secured, causing the stock to gain $1.05 for the day.
The last two hurdles for taking Tribune private will be the vote by Tribunites across the country on August 21st, and a ruling by the FCC on cross ownership of media in the same market.
Brilliant move Wednesday Dennis.