The Tribune’s Broken Deal – Part One: Zell’s Big Gamble

Share the News


Courtesy of Citybizlist – At the end of 2007, real estate tycoon Sam Zell took control of Tribune Coin a deal that promised to re-energize the media conglomerate. But the company, which owns The Baltimore Sun, struggled under the huge debt burden the deal created, and less than a year later, it filed for bankruptcy.

One of Chicago’s most iconic companies — parent to the Chicago Tribune — was propelled into a protracted and in many ways unprecedented odyssey through Chapter 11 reorganization.

On Dec. 31, after four years, Tribune Co. finally emerged from court protection under new ownership, but at a heavy cost. The company’s value was diminished, its reputation was tarnished and its ability to respond to market opportunities during its long bankruptcy was constrained.

Read more at Citybizlist



Share the News