Zell Has Tribune Exit Strategy In Place
Chairman Sam Zell is finally walking away from the professional and financial firestorm known as Tribune. Since buying the company in 2007, Zell has seen Tribune undergo everything from bankruptcy filings to a sexually charged email written by a “frat boy” executive. In an interview with CNBC last night, Zell announced that he will be stepping away from Tribune and “doesn’t envision having any role going forward.”
Referring to the Tribune purchase as “the deal from hell,” Zell made it clear that he wishes to wash his hands of the whole situation:
“As soon as the bankruptcy proceedings are done, I’ll turn it over to whoever the creditors decide they want to run it.”
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