A group of current and former Los Angeles Times journalists is suing the Tribune Company for recklessly mismanaging the chain of newspapers, the Wall Street Journal reports. The suit claims billionaire boss Sam Zell has trashed the company in a hunt for quick profits, destroying the value of their pension and stock-ownership plans—though the stock plan is majority owner in the unusual buyout scheme.
Zell took over Tribune Co. in December, and has since slashed payrolls and news pages. "We believe he's running the Tribune like a piece of property," a lawyer for the journalists told the AP. "It's more than a piece of property. The company itself is a series of newspapers, which demand the highest caliber of journalism."