Trib Deal Could Come Undone

But analysts say Zell's bid should be lowered

(NEWSER) - The Tribune Co.’s shareholders approved Sam Zell's $8.2 billion takeover today, nudging the publisher one step closer to private ownership. But some analysts remain skeptical that the deal will go through as planned—the company’s declining profitability since the April announcement has triggered speculation that the 26% premium Zell offered is outdated. More»

Tribune chief hiring radio veterans to help company

(NEWSER) - New publishing mogul Sam Zell is recruiting colorful veterans from the radio industry in a bid to help save his struggling Tribune Company, the Wall Street Journal reports. Zell is hoping the imports will spark innovation at the company, whose debt has swelled to $12.8 billion amid declining newspaper ad revenue. Most of the new recruits come from Clear Channel Communications; they're expected to shake up Zell's newspapers as they did the radio scene. More»

Vows sweeping change at now-private media company

(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. More»

Saddled with debt, media company looks at Chapter 11

(NEWSER) - The Tribune Co. has hired a financial adviser to help it file for bankruptcy as early as this week, the Wall Street Journal reports. Facing $12 billion in debt and shrinking profits, the owner of the Chicago Cubs and several newspapers has also brought in legal counsel to guide it through bankruptcy court. The Tribune's new adviser, Lazard Ltd., is savvy at debt restructuring and has helped other newspaper companies. More»

(NEWSER) - Sam Zell’s $8.2-billion bid to take the Tribune Company private got a boost yesterday from FCC Chairman Kevin Martin, who green-lighted a two-year exemption on rules barring ownership of newspapers and broadcast stations in the same market. Zell needs waivers for five markets in which the Tribune has dual ownership, reports the Los Angeles Times. The FCC could act as soon as tomorrow, and the deal could close by year’s end. More»