Posted on 03/14/2008 5:39:23 AM PDT by abb
A difficult economy and a steeper-than-expected decline in revenue could prompt the new leadership of Tribune Co. to re-evaluate its plan to keep all of the media giant's assets, Tribune chief executive Sam Zell said yesterday.
Zell, the motorcycle-riding real estate mogul who took control of Tribune in an $8.2 billion sale in December, has previously said he intended to keep Tribune's core newspapers. Besides The Sun, those papers include the Los Angeles Times, Chicago Tribune, Newsday and smaller papers in Florida, Virginia and Connecticut.
Zell didn't rule out the possibility of asset sales. Asked if he would consider selling The Sun, Zell responded, "I don't know. The goal was to keep all of the assets together." But those goals were set with the expectation that revenue would be down 2 percent to 3 percent year over year, he said, not the 16 percent to 18 percent decline Tribune newspapers are experiencing.
"If that trend continues, we may have to re-evaluate a lot of our decisions," Zell told the crowded meeting.
Zell also said he was evaluating what to do with The Sun's real estate holdings, including its headquarters, Port Covington printing plant and leased space for its Web operations. He said he expects to make changes, though he said he had no timetable.
"That land on the bay is worth a lot," he said, referring to the printing plant, which sits on nearly 60 acres near the Middle Branch.
Zell, visiting The Sun for the first time yesterday, walked into a meeting with employees at Calvert Street headquarters as "Born to be Wild" blared from speakers. He painted a dire picture of a media giant faced with declining ad revenue, falling readership and stiff online competition.
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(Excerpt) Read more at baltimoresun.com ...
ping
These little free papers that they want to diversify with have more socialist content than the large format paid circulation fish wrap.
Save a tree, ride a commune. How cool is that?
But those goals were set with the expectation that revenue would be down 2 percent to 3 percent year over year, he said, not the 16 percent to 18 percent decline Tribune newspapers are experiencing.Riding a dinosaur into the sunset becomes a bit of a chore should the critter start buckling under you. :)
Ironic that the supposedly Republican Chicago Tribune seems to fancy BO's pastor Wright, a guy who's unhinged hateful indignant speaking style reminds me so much of A Hitler.
Zell is presumably a bright guy, so it may occurr to him somewhere along the way that his new holdings might consider appealing to a broader readership. For example, people that might actually read a respectable “newspaper” - conservatives.
Do a great deed for the country and humanity. Sell it to Michelle Malkin at a bargain price.
Liberals will never remember you, but WE will!
Looks like Zell bought Tribune Co. for its real estate. If so, most of those newspapers will soon be gone....
Maybe Zell will start a positive trend:
1. Fire the mediots and close down the fishwraps.
2. Sell or rent the buildings/space to other business
3. Sell the properties many of these fishwraps are setting on.
4. Donate what he can’t sell to a real chairity like the Salvation Army.
I remember that arrogant Baltimore Sun columnist Jack Germond from the McLaughlin Group PBS show with Fred Barnes, Eleanor What’s-Her-Name. What a jerk Germond was!
Absolutely stupid. 2-3%, whoever thought that was a complete dope and suffering from myopia. 16-18% may be lucky for them as wireless connections are now available almost everywhere.
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