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.