Take Back the Times: Zell's First Big Move Is A Sign Of Flamboyance

By Ken Reich

The L.A. Times has been covering its own tribulations quite well, much better than most newspapers would in the same circumstances, and that is manifest this morning in the Business section story by Tom Mulligan and Michael Hiltzik reporting on new Tribune Co. owner Sam Zell's first major move now that he is taking charge.

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(I did FitzSimons an injustice yesterday in saying he had a severance package of $40 million. As a New York Times story by Richard Perez-Pena reports this morning, it is actually $19 million, with another $19 million derived from the sale of stock, restricted stock grants and stock options FitzSimons was already holding. I have corrected the figures in yesterday's blog, and regret the error. FitzSimons is still getting an excellent departure deal, but it does not bear comparision with the reported $100 million plus that Mark Willes got when he was ousted as CEO of Times-Mirror at the time it was sold from under him by a financial officer to the Tribune Co. ).

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Zell's First Big Move Is A Sign Of Flamboyance