Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Zell Extends Latest Deadline For Cubs Bids (Dinosaur Media DeathWatch™)
The Wall Street Journal ^ | November 15, 2008 | Matthew Futterman

Posted on 11/15/2008 5:10:01 AM PST by abb

Sam Zell's Tribune Co. has backed off its demand that a new round of bids for the Chicago Cubs arrive before Thanksgiving.

Just days ago, finalists to purchase the storied baseball franchise were told to deliver revised bids and financing plans by Nov. 27. But with instability in the credit markets making the process more arduous, groups vying for the team learned late this week the deadline is now considered soft, according to two people involved with the sale.

snip

The shift is the latest setback for a sales process that has lasted since Mr. Zell reached a deal to acquire the media conglomerate in April 2007, when the economy and hunger for trophy sports franchises were significantly stronger.

snip

Mr. Zell's recent offer to keep as much as 50% of the team for an undetermined period would make buying the Cubs more affordable. But Tribune's worsening debt problems have heightened the risk of a potential leveraged partnership with the distressed company.

Some $450 million in Tribune bonds due in 2010 are now trading at 36 cents on the dollar, down from 81 cents a year ago. This week Standard & Poor's downgraded the company's corporate credit rating to "CCC" from "B-minus."

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Extended News; News/Current Events; Politics/Elections
KEYWORDS: advertising; dbm; newspapers; tribune
The Tribune Company (LA Times, Baltimore Sun, Orlando Sentinel, Chicago Tribune, etc.) is on a ventilator, metaphorically speaking.
1 posted on 11/15/2008 5:10:02 AM PST by abb
[ Post Reply | Private Reply | View Replies]

To: abb

2 posted on 11/15/2008 5:10:26 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 04-Bravo; aimhigh; andyandval; Arizona Carolyn; backhoe; Bahbah; bert; bilhosty; Caipirabob; ...

ping


3 posted on 11/15/2008 5:10:51 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 2 | View Replies]

To: abb
Some $450 million in Tribune bonds due in 2010 are now trading at 36 cents on the dollar,

Pretty soon, the bonds will be worth more as food for the goat at the Billy Goat Tavern!

4 posted on 11/15/2008 5:13:25 AM PST by mlocher (USA is a sovereign nation)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003891430
API Summit Concludes: Industry in ‘Crisis,’ Needs Outside Help

http://www.editorandpublisher.com/eandp/news/article_display.jsp?vnu_content_id=1003891512
McClatchy Stock ‘Could Be Worthless,’ Analyst Says


5 posted on 11/15/2008 5:16:27 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 3 | View Replies]

To: mlocher

I see the company folding by the end of the first quarter ‘09. They’ll have to sell the individual papers, if they can find buyers. But who would want to buy newspapers when they can’t bring in enough revenue to make payroll?

Think about the number of people involved in putting out a paper. Editors, reporters, pressmen, delivery men, and the administrative infrastructure to go with all those people. Ad sales just will not carry this overhead any more.


6 posted on 11/15/2008 5:20:55 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 4 | View Replies]

To: abb
Think about the number of people involved in putting out a paper. Editors, reporters, pressmen, delivery men, and the administrative infrastructure to go with all those people. Ad sales just will not carry this overhead any more.

You are correct. In addition, now that we are in a recession, the Ad sales will continue to drop. Oh yeah, you forgot to mention payouts to AP and other wire services -- I LOVE the ripple effect on AP!

7 posted on 11/15/2008 5:24:26 AM PST by mlocher (USA is a sovereign nation)
[ Post Reply | Private Reply | To 6 | View Replies]

To: abb

Hey,Sammy, tell us again why buying newspapers was such a
good idea.


8 posted on 11/15/2008 5:31:33 AM PST by Dr. Ursus (( commander of the simian host))
[ Post Reply | Private Reply | To 1 | View Replies]

To: mlocher

They are about to go cash flow negative.

http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=94491
Publishing operating cash flow was $13 million—a 91% decline from $148 million in 2007. The company said publishing ad revenues sank 19%, or $111 million, for the quarter.


9 posted on 11/15/2008 5:33:18 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 7 | View Replies]

To: mlocher

Ryko bump!


10 posted on 11/15/2008 5:33:43 AM PST by Leisler ("Give us the child for 8 years and it will be a Bolshevik forever. " Lenin)
[ Post Reply | Private Reply | To 4 | View Replies]

To: abb

I know the vast majority of papers are left wing rags but I am don’t like to see the newspaper industry folding. I just wish there was a political balance in the industry

If the reason for their upcoming demise was the fact that they are propagandists for the democrats then I would be overjoyed BUT I don’t believe that is the main reason —It is the fact too many people are satisfied to get their news and views from the sound bites on the nightly news

Just look at how many papers the country had in the 40s before TV or even radio earlier in time came on the scene


11 posted on 11/15/2008 5:34:31 AM PST by uncbob
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

But it’s funny how these money losing business love to editorialize about how others should spend their money, about who should be taxed and by how much, who should get bailout money and why...

The inmates run the asylum!


12 posted on 11/15/2008 5:35:09 AM PST by Boiling Pots (Time to dump Bush/McCain "conservatism" in the trash heap of history.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb
They are about to go cash flow negative.

How deep are Zell's pockets? How much do you think he is willing to invest in this turkey? Also, do you know his political allegiances?

13 posted on 11/15/2008 5:42:44 AM PST by mlocher (USA is a sovereign nation)
[ Post Reply | Private Reply | To 9 | View Replies]

To: uncbob

Perhaps if they continue to collapse others will rise up to replace them. The MSM numbers are way down as well. People are fed up with the propaganda and one-sided “news” they receive. We need to rid these entities of their wholly liberal views; once that happens they might get their numbers up again. Katie, Charlie and Brian need to be replaced along with their producers; the newspapers need to die so they can come back to life as “newspapers” rather than the liberal rags they are today.


14 posted on 11/15/2008 5:44:27 AM PST by Laverne
[ Post Reply | Private Reply | To 11 | View Replies]

To: uncbob

Nothing ever stays the same. I’m old enough to remember when every major city in Louisiana had a morning and afternoon paper. Shreveport, Monroe, Baton Rouge, New Orleans, etc. There was a politically diverse information distribution system in place.

About the late ‘60s, liberals and Marxists systematically targeted for takeover the broadcast industry - Hollywood, TV networks, newspaper, book publishing, magazines.

They succeeded.

However, the internet has disrupted their monopoly on broadcast information distribution and we now have more information available to more people faster and more reliably than ever before in human history.

We conservatives had better figure out how to use it. The conservative broadcast media (National Review, American Spectator, etc.) is not up to the task of reaching the masses.

That’s what we have to do.


15 posted on 11/15/2008 5:45:12 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 11 | View Replies]

To: mlocher

Zell is on the hook personally for about $350 million and Hank Greenspun about $150. Zell smooth-talked him into signing on.

Zell won’t put another dime into it. He was at least smart enough to do the deal on OP money. OP: other people.


16 posted on 11/15/2008 5:47:49 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Toddsterpatriot

LOL—Even the Cubs fans who thought selling the team would bring a change of fortune are seeing their hopes dashed, in Cubs fashion. And it’s Bush’s Fault! LOLOLOL


17 posted on 11/15/2008 5:49:27 AM PST by 1rudeboy
[ Post Reply | Private Reply | To 1 | View Replies]

To: mlocher

I’ve always loved communications. When I was a kid, I would make my parents drive past radio and TV stations so I could look at the broadcast towers. I always wanted to do HAM radio, but I never was disciplined enough to learn code.

Here’s a site I love to peruse that gives a good overview of how it used to be put together. Lots of history here.

http://long-lines.net/


18 posted on 11/15/2008 5:52:24 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 13 | View Replies]

To: abb
He was at least smart enough to do the deal on OP money. OP: other people.

Thanks for the data! I know quite a bit about OPM. The liberal's battle cry.

19 posted on 11/15/2008 5:58:26 AM PST by mlocher (USA is a sovereign nation)
[ Post Reply | Private Reply | To 16 | View Replies]

To: 1rudeboy

You think the Cubs want a jerk like Mark Cuban being the owner?


20 posted on 11/15/2008 5:58:59 AM PST by Joe Boucher (An enemy of Islam)
[ Post Reply | Private Reply | To 17 | View Replies]

To: abb
I’ve always loved communications.

Yeah, me too. I looked at the link and it is from my old employer! Great memories. Thanks -- you always provide great information!

21 posted on 11/15/2008 6:00:21 AM PST by mlocher (USA is a sovereign nation)
[ Post Reply | Private Reply | To 18 | View Replies]

To: abb
Die, biased media. Die, die, die.
22 posted on 11/15/2008 6:00:47 AM PST by Ukiapah Heep (Shoes for Industry!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Joe Boucher
I don't really know (I'm not a Cubs fan). I simply watch their yearly forays into mediocrity with detached interest, and a sense of amusement.

I was thinking that anyone or anything would be better than the present management.

23 posted on 11/15/2008 6:02:50 AM PST by 1rudeboy
[ Post Reply | Private Reply | To 20 | View Replies]

To: Laverne
The MSM numbers are way down as well. People are fed up with the propaganda and one-sided “news” they receive

SOME people are fed up--masses still get their brain washing from the MSM otherwise Obama won't be president and the dems wouldn't control congress
24 posted on 11/15/2008 6:03:35 AM PST by uncbob
[ Post Reply | Private Reply | To 14 | View Replies]

To: abb

At the end of the day we will have 3 or so large newspapers. The rest will be closed or folded into the survivors.


25 posted on 11/15/2008 6:03:46 AM PST by Loyal Buckeye
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb
About the late ‘60s, liberals and Marxists systematically targeted for takeover the broadcast industry - Hollywood, TV networks, newspaper, book publishing, magazines. They succeeded.

Started in the 30s with the schools --Once the schools turn out liberals the other venues follow
26 posted on 11/15/2008 6:06:48 AM PST by uncbob
[ Post Reply | Private Reply | To 15 | View Replies]

To: abb

As I drive down I 40/75 through Knoxville Tennessee, I wonder about the spanking new Knoxville News Sentintal plant and offices.

Someone made a decision not too many years ago to spend Scripps Howard money on a new plant to replace the tired old inefficient facility down town.

Damned if you do, Damned if you don’t


27 posted on 11/15/2008 6:17:40 AM PST by bert (K.E. N.P. +12 . Save America......... put out lots of waferin)
[ Post Reply | Private Reply | To 6 | View Replies]

To: abb

......the internet has disrupted their monopoly on broadcast information distribution ......

During the war, I was in a position to provide a “Good News” feed coming from the Freeper Ragtimecowgirl that was more accurate and a day quicker than that coming from the AP to my ocal paper. The editor actually forbid the use of internet sources for stories about anything. He had the same news in Kingsport from the briefings rooms in Qatar as the AP and other bureaus..... but he wouldn’t use it


28 posted on 11/15/2008 6:25:34 AM PST by bert (K.E. N.P. +12 . Save America......... put out lots of waferin)
[ Post Reply | Private Reply | To 15 | View Replies]

To: abb
Think about the number of people involved in putting out a paper. Editors, reporters, pressmen, delivery men, and the administrative infrastructure to go with all those people. Ad sales just will not carry this overhead any more.

I wonder how much in taxes the Tribune building pays the city of Chicago every year?

29 posted on 11/15/2008 6:30:45 AM PST by raybbr (You think it's bad now - wait till the anchor babies start to vote!)
[ Post Reply | Private Reply | To 6 | View Replies]

To: bert

Bert, after all this time, I just now read your profile. The chestnut thing interests me. I have a degree in Forestry and keep up a lot with renewable natural resources. They have fed me all my working life as I have done engineering and construction for the paper and wood products industry.

The American Chestnut was a very valuable species. Perhaps future generations will get to enjoy it.


30 posted on 11/15/2008 6:47:56 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 28 | View Replies]

To: uncbob
Started in the 30s with the schools --Once the schools turn out liberals the other venues follow.

True. Another front on which we must fight.

31 posted on 11/15/2008 6:49:33 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 26 | View Replies]

To: abb

stupid post.

your “dinosaur media” just helped elect a socialist president and congress who no doubt will destroy this country.


32 posted on 11/15/2008 6:51:22 AM PST by ken21 (people die and you never hear from them again.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb
The maddening thing right now is that the management at the MLB offices do not want one Mark Cuban to own the Cubs. This is a HUGE mistake because Cuban has the money to easily buy the Cubs and the marketing acumen to make it even more viable than even the New York Yankees--a win-win situation for Sam Zell and baseball in general.
33 posted on 11/15/2008 6:58:13 AM PST by RayChuang88
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb

He should keep the Cubs and shut down the Tribune/Times/Sun etc.


34 posted on 11/15/2008 7:07:30 AM PST by Tribune7 (Obama wants to put the same crowd that ran Fannie Mae in charge of health care)
[ Post Reply | Private Reply | To 1 | View Replies]

To: abb; Tribune7

I can see a scenario where Zell buys the Cubs from Tribune himself. A smart businessman like Zell has to know this is the wrong market to sell the Cubs in. The Cubs will be worth much more once the credit crunch eases. It would not be risking any of his own money and it would meet the debt payment Tribune has due next Summer.


35 posted on 11/15/2008 7:13:21 AM PST by MovementConservative (In 4 years GW Bush and the free-spending republicans have almost completely destroyed the GOP.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: uncbob
but I am don’t like to see the newspaper industry folding.

What does it matter, one way or another? there are fare more people writing and putting information up on the internet than the newspapers had in their heyday.

Sites like Free Republic and Little Green Footballs help you sort through the blogs.

Here is A Fujitsu Lifebook U810. It has Wifi and GPRS internet anywhere. It folds up to 6.73" x 5.24" x 1.04" to fit into a cargo pocket or purse. Why would anyone want to carry a bulky newspaper around, that has so much less information? Information that is hours, or even a day old.

You can't even debate a topic on a dead tree paper.

I see no purpose in trying to rescue another buggy whip industry. And newspapers definitely fit that description.

36 posted on 11/15/2008 7:23:36 AM PST by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: ken21
stupid post.

Why did you click on it then? Stupid is as stupid does...

37 posted on 11/15/2008 7:25:27 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 32 | View Replies]

To: MovementConservative
I can see a scenario where Zell buys the Cubs from Tribune himself. A smart businessman like Zell has to know this is the wrong market to sell the Cubs in. The Cubs will be worth much more once the credit crunch eases. It would not be risking any of his own money and it would meet the debt payment Tribune has due next Summer.

If he can still afford it, that's the thing to do. The Times & Tribune won't be around in five years. The Cubs will still be.

38 posted on 11/15/2008 7:25:27 AM PST by Tribune7 (Obama wants to put the same crowd that ran Fannie Mae in charge of health care)
[ Post Reply | Private Reply | To 35 | View Replies]

To: RayChuang88
The maddening thing right now is that the management at the MLB offices do not want one Mark Cuban to own the Cubs.

I saw that story last week and found it interesting. I suppose the MLB owners think Cuban is too "common" to be amongst their august group. And I think other potential buyers of the Cubs are squeezing Zell in order to get a better price. Sort of a MLB fire sale.

39 posted on 11/15/2008 7:30:22 AM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 33 | View Replies]

To: ken21

In defense of Abb, the RNC did just as much as the MSM by pushing three liberals that many conservatives refused to show up at the poles for. I voted Keyes.


40 posted on 11/15/2008 7:30:59 AM PST by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
[ Post Reply | Private Reply | To 32 | View Replies]

To: MrEdd

All true but I like to be able to read in a chair while on a train etc —don’t have to worry about electricity going out or internet down


41 posted on 11/15/2008 7:40:05 AM PST by uncbob
[ Post Reply | Private Reply | To 36 | View Replies]

To: 1rudeboy

Wait til next year. LOL!


42 posted on 11/15/2008 7:53:31 AM PST by Toddsterpatriot (Do you remember when blue was a feeling, gray was a word and one was a number...)
[ Post Reply | Private Reply | To 17 | View Replies]

To: uncbob
masses still get their brain washing from the MSM

PLUS Hollywood, PLUS Academe (grade school, middle school, HS and college), PLUS Unions, PLUS AARP rubes, PLUS, PLUS, PLUS...the MSM's job now is just to protect and apologize whenever the agenda gets threatened.

43 posted on 11/15/2008 8:17:27 AM PST by CRBDeuce (here, while the internet is still free of the Fairness Doctrine)
[ Post Reply | Private Reply | To 24 | View Replies]

To: 1rudeboy

What’re you talking about? Since the Trib bought the team they have made the playoffs six times—three since 2003. The Wrigley’s were far worse owners.


44 posted on 11/15/2008 9:51:09 AM PST by j-damn
[ Post Reply | Private Reply | To 23 | View Replies]

To: uncbob; MrEdd; abb
One of my clients uses Fujitsus capable of detaching from their keyboard base to become portable tablets.

See my homepage for a description of using a Palm to access news. My Palm's battery lasts for hours and it easily slips into my front pocket with plenty of room left over for an optional collapsible keyboard to facilitate taking copious notes in the field.

It works great to productively pass time while standing in lines or waiting. As easy to use, sans keyboard, as a paperback. Even in the "throne room." It also features a program named eReader that converts it into an electronic paperback for those increasingly rare circumstances that lack WiFi access to the Inet. Adobe also offers a free PDF reader.

My Palm proves so versatile as to preclude any possibility of me ever converging it with my cell phone into a single device. OTOH many other people simply use their cell phone to surf for news.

Thanks again abb for all your pings.
45 posted on 11/15/2008 11:46:40 AM PST by Milhous (Ask me about my Anger Management Disorder.)
[ Post Reply | Private Reply | To 41 | View Replies]

To: Milhous

http://www.alleyinsider.com/2008/11/sumner-i-m-not-broke
Sumner: I’m Not Broke


46 posted on 11/15/2008 1:04:28 PM PST by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
[ Post Reply | Private Reply | To 45 | View Replies]

To: Milhous; uncbob; abb
The U810 does fold into a tablet

Battery is good for about five and a half hours. It will let you read anything you can read on any other PC. Screen is 5.6 inches diagonal.

47 posted on 11/15/2008 2:45:14 PM PST by MrEdd (Heck? Geewhiz Cripes, thats the place where people who don't believe in Gosh think they aint going.)
[ Post Reply | Private Reply | To 45 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson