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Zell Seals $8.2B Tribune Deal

Vows sweeping change at now-private media company

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(Newser) – Billionaire Sam Zell today sealed his bid to buy Tribune Co., proving wrong all Wall Street naysayers since his original $8.2 billion offer last April. Zell steps in as CEO and chairman, and promises sweeping reforms to the way the now-private media conglomerate will be run, the Chicago Tribune reports. "You call it CEO and I'll call it owner," Zell said of his new role.

Topping Zell's to-do list is tackling Tribune's imposing $13 billion debt. But the company expects to see drastic changes in the way it is structured, too, as Zell implements a bottom-up system whereby its newspapers—including the LA Times, Chicago Tribune, and Newsday—will be held accountable for managing themselves, rather than taking orders from on high.

The Tribune Tower is seen along Chicago's Michigan Avenue in this June 20, 2006, file photo. Zell closed his deal to buy Tribune Co. today. (AP Photo/Nam Y. Huh)
The Tribune Tower is seen along Chicago's Michigan Avenue in this June 20, 2006, file photo. Zell closed his deal to buy Tribune Co. today. (AP Photo/Nam Y. Huh)   (Associated Press)
Flags wave along the Michigan Ave. Bridge outside the Chicago Tribune Tower in a Chicago file photo from April 12, 2006. Zell closed his deal to buy Tribune Co. today. Tribune Co. is owner of The Los Angeles Times, The Chicago Tribune, nine other dailies and 23 television stations. (AP...
Flags wave along the Michigan Ave. Bridge outside the Chicago Tribune Tower in a Chicago file photo from April 12, 2006. Zell closed his deal to buy Tribune Co. today. Tribune Co. is owner of The Los...   (Associated Press)
Chicago billionaire Sam Zell speaks in Chicago, in this Monday, Oct. 22, 2007 file photo. The real estate billionaire is set to take the ailing newspaper and TV company private with the expected closing of his $8.2 billion buyout as soon as Thursday, Dec. 20, 2007. (AP Photo/Charles Rex...
Chicago billionaire Sam Zell speaks in Chicago, in this Monday, Oct. 22, 2007 file photo. The real estate billionaire is set to take the ailing newspaper and TV company private with the expected closing...   (Associated Press)
Billionaire real estate investor Sam Zell smiles during an interview in Chicago in this March 20, 2007 file photo. Zell closed his deal to buy Tribune Co. today. (AP Photo/M. Spencer Green, file)
Billionaire real estate investor Sam Zell smiles during an interview in Chicago in this March 20, 2007 file photo. Zell closed his deal to buy Tribune Co. today. (AP Photo/M. Spencer Green, file)   (Associated Press)
Chicago billionaire Sam Zell listens to his introduction before addressing the Inland Press Association's annual meeting in Chicago, Monday, Oct. 22, 2007. Zell closed his deal to buy Tribune Co. today. (AP Photo/Charles Rex Arbogast)
Chicago billionaire Sam Zell listens to his introduction before addressing the Inland Press Association's annual meeting in Chicago, Monday, Oct. 22, 2007. Zell closed his deal to buy Tribune Co. today....   (Associated Press)
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