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Revolving Door Newsletter: 04.03.07
Zell Buys Tribune Co., Nervous Employees Await Next MoveApril 3, 2007
All eyes in the mediaverse are on Tribune Co. and its (tentatively) new owner Sam Zell this morning, after the Chicago-based real estate mogul bought the midwest newspaper conglomerate for $8.2 billion yesterday. Tribune's employees suddenly find themselves the main investors in a company that no one else seemed to want, thanks to Zell's financing gambit of creating an employee stock ownership plan that will own more shares than he does. A survey of this morning's coverage points to widespread fear and loathing inside Tribune, as the rank-and-file at The Chicago Tribune aren't sure ...