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Why Sam Zell Is Still High on Tribune

Ducati-riding magnate tells the New Yorker his deal's golden

By Jonas Oransky, Newser Staff

Posted Nov 10, 2007 6:24 PM CST

(Newser) – Billionaire real estate magnate Sam Zell, legendary for turning around distressed properties, is likely to have his riskiest play—the struggling media giant Tribune—in his hands by year’s end. The financials have only gotten worse since he made the deal, but the "extravagantly confident" Zell isn't showing any nerves as he walks Connie Bruck through it in a New Yorker profile.

The 66-year-old Chicagoan tells Bruck it isn't a high-minded effort to save print journalism—"The way I look at transactions, and the way I look at risk, I have no room for sentiment"—but a bet that a highly unusual structure will allow the company to pay essentially no taxes, and use the savings to pay down its spectacular debt. Bruck catalogs Zell's exuberant eccentricities, from the yellow Ducati he rides to work to the music boxes he make for gifts and treasure hunts he throws for grown-up friends.

Chicago billionaire Sam Zell listens to his introduction before addressing the Inland Press Association's annual meeting in Chicago, Monday, Oct. 22, 2007. (AP Photo/Charles Rex Arbogast) (Associated Press)

Chicago billionaire Sam Zell speaks at the Inland Press Association's annual meeting in Chicago, Monday, Oct. 22, 2007. (AP Photo/Charles Rex Arbogast) (Associated Press)

Samuel "Sam" Zell, Chairman, Equity Group Investments, Tribune Corporation, speaks on corporate growth strategies at the 2007 ACG Los Angeles Business Conference in Beverly Hills, Calif., Tuesday, Oct.... (Associated Press)

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Why Sam Zell Is Still High on Tribune

Ducati-riding magnate tells the New Yorker his deal's golden

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Why Sam Zell Is Still High on Tribune

Ducati-riding magnate tells the New Yorker his deal's golden

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OTHER STORIES ON OUR RADAR

oil • real estate • Sam Zell • Chicago • Tribune Company • journalism • Los Angeles Times • print journalism

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

TV Station Edits Clip to Make 4-Year-Old Sound Thuggish

Chicago pre-schooler's quote aired out of context

Trib CEO to Jump Before Being Pushed Out

Randy Michaels expected to resign this week

How Frat Boy Hijinks Helped Screw the Tribune Co.

Boss Randy Michaels 'offered $100 to waitress to flash her breasts'

Renter Won't Give Up Rahm's Chicago Home

Rob Halpin won't even allow Emanuel to crash in the basement

Stop the Presses! Story Mentions Conan, Leno, Lady Gaga!

Rise of Web searching spells doom for clever newspaper headlines

About Us

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Newser By Users

Community

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More News

What is Newser?