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October 6, 2008 1:22:23 PM CDT

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Started by Imperator; Last updated Jun 20, 08 9:58 AM CDT by Imperator | View history

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Grave Dancer

" I've always been called a professional opportunist, and in the future I'm open to anything." - Sam Zell

His nickname is the Grave Dancer. Sam Zell is known for his astute (and sometimes not so smart) investments in everything from real estate to ship lines. Now he wants to energize the ailing, no critically ill, newspaper industry by buying the Chicago Tribune. Can he do it again? Or will this be another opportunity to learn from his mistakes?

Stories

19 Stories

  • September 2008

    • LA Times Staffers Sue Zell for Trashing Tribune

      Wall Street Journal  |  Sep 17, 08 10:15 AM CDT

      LA Times Staffers Sue Zell for Trashing Tribune

      (Newser) - 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. More »

  • July 2008

    • LA Times Insider Launches Anti-Zell Blog

      New York Times  |  Jul 21, 08 8:14 AM CDT

      LA Times Insider Launches Anti-Zell Blog

      (Newser) - Heads continue to roll at the Tribune Company, but one staffer is aiming to prove the pen is mightier than Sam Zell's ax, reports the New York Times, with new blog TellZell.com. The site is airing the gripes of Tribune's disgruntled journalists, and is finding plenty of fodder—from top-level resignations at the LA Times to publishing the unreleased list of employees facing layoffs. More »

    • LA Times Publisher Exits

      Reuters  |  Jul 15, 08 2:08 AM CDT

      LA Times Publisher Exits

      (Newser) - A bad day for the Tribune Company got even worse yesterday with the resignation of Los Angeles Times publisher David Hiller, Reuters reports. Hiller is leaving after less than 2 years with the paper as Tribune owner Sam Zell prepares to cut jobs again and reduce pages at his papers. The editor of the Chicago Tribune, another of Zell's media properties , quit earlier yesterday. More »

    • Chicago Tribune Editor Resigns Amid Cutbacks

      Associated Press  |  Jul 14, 08 3:58 PM CDT

      Chicago Tribune Editor Resigns Amid Cutbacks

      (AP) - Chicago Tribune editor Ann Marie Lipinski handed in her resignation today after 7 years in the top post at the Tribune Company's flagship paper. Lipinski's departure comes a week after the 161-year-old newspaper told its staff it would eliminate about 80 newsroom jobs amid a broad effort to cut costs as advertising and circulation revenues decline at its newspapers nationwide. More »

  • June 2008

    • For Sale: Chicago Landmark

      Chicago Sun-Times  |  Jun 25, 08 9:44 PM CDT

      For Sale: Chicago Landmark

      (Newser) - Saddled by debt from his acquisition of the Tribune Company media empire, billionaire Sam Zell may sell off the iconic Chicago headquarters of the Tribune newspaper, he said yesterday. The 83-year-old Tribune Tower could fetch $250 million, analysts told the Sun-Times , with Zell likely needing to assure a new owner that the newspaper would continue to occupy the building on a long-term lease to fetch maximum value. More »

    • Zell's Tribune Co. Heads Toward Default on Loans

      Bloomberg  |  Jun 19, 08 5:43 PM CDT

      Zell's Tribune Co. Heads Toward Default on Loans

      (Newser) - As the newspaper industry continues its accelerating skid into the red, even billionaire Sam Zell's Tribune Company is on track to default on its massive loans as soon as the end of the year, an analyst predicts. The parent of the Chicago Tribune and Los Angeles Times is far from alone. Bloomberg takes a look at the industry as it struggles to overcome historic lows in advertising revenue. More »

    • Sam Zell: Saving Newspapers, or Burying Them?

      New York Times  |  Jun 9, 08 5:58 AM CDT

      Sam Zell: Saving Newspapers, or Burying Them?

      (Newser) - Sam Zell and his Tribune Company announced last week that they would trim 500 pages of news each week from the conglomerate's dozen newspapers, including the LA Times and the Chicago Tribune . But is a paper split 50-50 between news and ads the solution for an industry in crisis? The New York Times looks at the viability of a radical plan. More »

    • Honey, I'm Shrinking the Tribune Papers

      Chicago Sun-Times  |  Jun 6, 08 4:42 AM CDT

      Honey, I'm Shrinking the Tribune Papers

      (Newser) - Publisher Sam Zell has announced he'll quickly slash pages and more editorial jobs to offset huge debts and  a larger-than-anticipated decline in advertising revenue at his newspapers, including the Los Angeles Times and Chicago Tribune . An 80-page edition of the Tribune could be sliced to 48 pages, reports the Chicago Sun-Times . The papers have already lost a significant number of staffers to buyouts. More »

  • March 2008

    • Zell Might Sell Newsday

      New York Times  |  Mar 20, 08 9:44 PM CDT

      Zell Might Sell Newsday

      (Newser) - Falling ad revenues could push Sam Zell's Tribune Company to sell Newsday , the Long Island newspaper with the 10th-highest circulation in the nation, the New York Times reports. Among those interested are Rupert Murdoch, who already owns the New York Post . Also in the running are the owner of the Daily News and the family that runs Cablevision. Tribune announced yesterday it lost $78 million in the fourth quarter. More »

  • December 2007

    • Zell Seals $8.2B Tribune Deal

      Chicago Tribune  |  Dec 20, 07 1:16 PM CST

      Zell Seals $8.2B Tribune Deal

      (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 »

    • Tribune CEO Expected to Resign

      Los Angeles Times  |  Dec 19, 07 7:02 AM CST

      Tribune CEO Expected to Resign

      (Newser) - Tribune Chairman and CEO Dennis FitzSimons, a 25-year veteran of the media Goliath who rose through the ranks, could resign as early as today, reports the Los Angeles Times . FitzSimons, could leave with a nearly $40 million buyout when the $8.2 billion sale of Tribune to real estate mogul Sam Zell is finalized this week. More »

  • November 2007

    • Why Sam Zell Is Still High on Tribune

      New Yorker  |  Nov 10, 07 6:24 PM CST

      Why Sam Zell Is Still High on Tribune

      (Newser) - Billionaire real estate magnate Sam Zell, legendary for turning around distressed properties, is likely to have his riskiest play—the struggling media giant Tribune—in his hands by year’s end. The financials have only gotten worse since he made the deal, but the "extravagantly confident" Zell isn't showing any nerves as he walks Connie Bruck through it in a New Yorker profile. More »

  • August 2007

    • Shareholders OK Tribune Takeover

      Bloomberg  |  Aug 21, 07 1:41 PM CDT

      Shareholders OK Tribune Takeover

      (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 »

    • Trib Deal Could Come Undone

      New York Times  |  Aug 20, 07 3:21 PM CDT

      Trib Deal Could Come Undone

      (Newser) - The Tribune Company’s shareholders are meeting tomorrow to approve Sam Zell’s $8.2 billion takeover, but whispers persist on Wall Street that the deal will crumble. A disappointing stock price, concerns about the fading newspaper business, and a sagging credit market have convinced some analysts that Zell’s offer of $34 a share will be lowered to ease the company’s debt. More »

  • July 2007

    • Tribune Co. Risks Default on Debt Payments

      Bloomberg  |  Jul 20, 07 8:30 PM CDT

      Tribune Co. Risks Default on Debt Payments

      (Newser) - The Tribune Co. is at risk for missing interest payments on part of the $13-billion debt that will result from the sale to real estate baron Sam Zell, Bloomberg reports. The prediction is based on trading in the company's credit-default swaps; at $77,000 per $10 million in debt, they indicate a 50% risk of default. That's up from 32% in May, when the deal was set in motion. More »

  • April 2007

    • Geffen, Zell Talk Deal For LA Times

      Washington Post  |  Apr 5, 07 3:13 PM CDT

      Geffen, Zell Talk Deal For LA Times

      (Newser) - David Geffen wants to get his hands on the LA Times, and he's optimistic that he may yet succeed after talking to Sam Zell, the feisty real estate mogul who bought the Tribune Company Monday. The two discussed both a spin-off and a joint venture partnership, sources close to the negotiations told the Post. More »

    • Tribune Saddled With Daunting Debt

      Wall Street Journal  |  Apr 4, 07 8:53 AM CDT

      Tribune Saddled With Daunting Debt

      (Newser) - Sam Zell 's bid for the Tribune Co. beat back his well-heeled rivals, but it saddled an already struggling enterprise with over $12 billion in debt. Now the Wall Street Journal wonders how he expects to pay it back. The likely annual interest fees alone will reach $1 billion, only slightly less than the company's entire annual cash flow. More »

    • Tribune Sold To Zell

      Chicago Tribune  |  Apr 2, 07 9:45 AM CDT

      Tribune Sold To Zell

      (Newser) - Chicago real estate magnate Sam Zell won a last-minute bidding  war to buy the Tribune Compay with a $34-a-share offer, reports the Chicago Tribune. Zell will take the media conglomerate private in a deal that includes an employee stock ownership plan. The Cubs will be sold separately.