'I Made a Mistake' Buying Tribune Co.: Zell

Real estate a major factor in sale of 71 papers last year

(NEWSER) - Despite plunging revenue and circulation figures, plenty of people in America are still buying daily newspapers—lock, stock, and valuable headquarters. Some 71 daily papers were sold last year, and while some investors see buying a paper as a civic duty, others view it as a way to turn a quick profit, especially since newspapers tend to own large buildings in prime downtown locations, the New York Times finds. More»

The consensus: 'Ma Bell is back'

(NEWSER) - Reactions to the surprise AT&T-T-mobile merger are pouring in, and, not surprisingly, most conclude this isn't a good thing for consumers:

• The Bell telephone system—"aka AT&T"—was broken up in 1984 to increase competition, and the US telecommunications market was deregulated in 1996, again to increase competition. But this merger "effectively restores Ma Bell to her former girth yet allows the company to operate in a looser regulatory environment," writes David Lazarus in the Los Angeles Times . "Consumers might wonder if they've been played. ... Ma Bell is back," and the only thing left for federal regulators to do is instill "new rules that address the shortcomings of our failed experiment in deregulation."

Randy Michaels expected to resign this week

(USER SUBMITTED) - Weeks after the New York Times detailed the raucous behavior of Tribune CEO Randy Michaels, he is reported to be resigning. The Times article described a boys club atmosphere created by Michaels and his chief innovation officer, Lee Abrams, at the bankrupt newspaper and TV company. Abrams was recently fired, but the Tribune's board, which met yesterday, was apparently not satisfied that enough had been done to right the ship, reports the Los Angeles Times . More»

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

(NEWSER) - The shockingly sexist frat boy hijinks of top managers of the Tribune Company created an alienating workplace and "bankrupt culture" that helped send the financially troubled media firm into a tailspin, reports the New York Times . Just after radio exec Randy Michaels was hired by billionaire owner Sam Zell to help run the company, he allegedly offered $100 to a waitress to flash her breasts for a gathering of senior management at a Chicago hotel, the paper reports. "I have never seen anything like it," said one executive. “Here was this guy, who was responsible for all these people, getting drunk and saying this to a waitress who many of us knew." More»

Randy Michaels steps up as court ruling beats back creditors

(NEWSER) - Maverick takeover artist Sam Zell resigned as CEO of the Tribune Co. today, naming Randy Michaels as his successor. Zell is still chairman of the news giant he bought, disastrously, in 2007. Tribune, which has been bankrupt for almost a year, yesterday won an extension until February of the right to file its own plan for reorganization. The ruling by a bankruptcy court judge in Delaware was a blow to Tribune's creditors, who wish to reorganize the firm on their terms. More»