20 Dec 07 Sam Zell finalizes deal to take Tribune private

ASSOCIATED PRESS

So today was the day that billionaire Sam Zell took the Tribune Company private (includes video). As some of you may know and many of you may not, I am employed by a Tribune-owned company now, The Orlando Sentinel. Because of this, Zell’s deal and press conference held a little more importance to me than it did before, though even before I had been watching this story.

I must admit, at first I had my doubts about this deal before it happened. It worried me that someone that had no journalism experience was buying one of the biggest media companies in the U.S., something most billionaire do in order to make quick profits and large budget cuts. I was concerned he would do what so many other owners have done to media companies, destroy them in the name of profit.

However, after watching Zell’s presser, the first time I’d ever seen or heard the man speak live before, I am incredibly optimistic. The guy seems like a straight shooter and he has a decent vision for what direction he thinks the company should head. I’m already loving this company and I imagine it can only get better from here.

One of the biggest fears when any owner with a non-journalism background gets involved with a media company is that they will want to exert some sort of editorial control. When asked, Zell responded with candor and wit:

“…in school my english grades were shitty…I have no desire to be an editor.”

That sounds like someone that knows what he is and what he isn’t, and that sits very well with me. Some people questioned Zell pseudo-reneging on the fact that he had previously alluded that he would not assume the CEO post. Zell continued:

“But this is a very important transaction of extraordinary relevance … I spent six months trying to understand how this company runs, and as I watched and got more educated, it became clearer to me that (chief executive) is the role I needed to play. You call it CEO and I’ll call it owner.”

Once again, I like the cut of his jib. He’s interested in the company for what it can do and for what it is, not just as a money-machine.

The news room, watching Zell on a live video feed, gave him a resounding applause that signaled that this change is being seen as a positive move for Tribune and welcome change from public to private ownership.

I for one think it is awesome. Look how well the St. Pete Times does, it having a similar private ownership structure. It can only get better around here, for the news business and for the integrity of Tribune’s contribution to journalism.

2008 is going to be a good year.

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Tags: journalism, news business

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