Posted Dec. 22, 2007
Real estate magnate Sam Zell took control of newly private Tribune Co. Dec. 20 and began shaking up the newspaper and TV company the moment the $8.2 billion buyout he led closed, reshuffling the board, naming two top executives, and promising more action ahead.
'I'm sick and tired of everybody talking about and commiserating about the end of newspapers. They ain't ended,' says Tribune chairman Sam Zell.
Taking on the CEO and chairman roles, Zell made clear he won't hesitate to make sweeping changes at the media conglomerate even though he has no previous experience in the industry.
He signaled he has no immediate asset sales in mind at the company that owns 23 television stations and nine daily newspapers, including the Los Angeles Times and the Chicago Tribune, although he hopes to complete the sale of the Chicago Cubs and Wrigley Field by the start of the baseball season.
However, he made clear that other changes are coming.
"There's a new sheriff in town and the name of the game is excellence, relevance tied to revenue," Zell said at a news conference less than three hours after the deal's closing was announced. "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."
Zell added five directors to the board and named two longtime associates to key management posts. Randy Michaels, who helped him turn around radio company Jacor Communications with the help of significant cost cuts, will head the broadcast and Internet operations, and Gerry Spector, who has been chief operating officer at Zell's Equity Residential Properties, will be Tribune's chief administrative officer.
Michaels and Spector can "help us rearrange this company for the 21st century," Zell said.
