Message From Sam Zell 05.07.08

Partners:

As the pace of change quickens and we work to integrate best practices and common themes, the board and I have decided to expand Randy’s role to Chief Operating Officer of the company. Consequently, all our lines of business--publishing, broadcasting and interactive--will report to him. Times are tough and we have a long way to go, and we will only get there with exciting, challenging, thoughtful and out-of-the-box leadership. I’m not sure I could come up with a better description of Randy.

Attached is the press release announcing Randy's appointment.

This in no way diminishes my involvement, nor will it impede my commitment to read your emails to me. I feel as though we are beginning to create a community with shared objectives and a desire to win. Let’s see it through.

Sam

SOURCE: TELL ZELL