Sam Zell Unrepentant for Ravaging of Tribune Co.
Even for an article in the real estate section of the New York Times, the subject of Sam Zell‘s spectacular mismanagement of the Tribune Co is unavoidable. And the diminutive mogul is happy to flap his gums on the topic, denying any responsibility for the largest media bankruptcy in American history:
Zell does not blame the heavy debt burden for Tribune’s failure, but rather the precipitous dive in newspaper advertising that occurred just after he bought the media company and the staff’s intransigence. “I’m disappointed that I wasn’t able to convince the people that it was in their own interest to modify the way in which the business ran, so as to be profitable,” he said.
That’s the same decline in advertising that affected every single newspaper in this country, the vast majority of which didn’t go bankrupt. That was the problem? That and the uppity staff? Yeesh.
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