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Tuesday, August 18, 2009

Sam Zell ready to step down soon...


Sam Zell with the Pressman Blogger

The Sam Zell/Tribune Company saga appears to be coming to an end as reports out of news agencies on the east coast claim Zell may throw the towel in as early as this afternoon. If you happen to follow the link back to NBC Chicago, be certain to vote your feelings for the article with a vote of Furious, Thrilled, Sad, Bored, Intrigued, or Laughing from the pull down menu.


by STEVE RHODES

The New York Post is reporting that Zell is "ready to walk away" from the Tribune Company, ending one of the most inglorious chapters of newspaper ownership in Chicago history.


And just to make sure Zell has gotten the message from angry creditors already reportedly organizing a putsch, those lenders have now asked a bankruptcy court for permission to investigate Zell's kinky and controversial $8.2 billion takeover of the media giant, according to the Sun-Times.


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On the other hand, Zell may not exactly need a push; it's more inconceivable at this point that Zell would want to stay. He never intended to spend so much time as head Tribbie given the array of other business interests still in his portfolio. The company's massive problems forced his hand on that point, and he hasn't exactly enjoyed it.


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Most likely: the company will sell its newspapers in Los Angeles, Baltimore and Hartford - each acquired in the disastrous merger with Times-Mirror in 2000 - and perhaps even all of its properties except those in Chicago.


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