Zell Extends Latest Deadline For Cubs Bids (Dinosaur Media DeathWatch™)

The Wall Street Journal ^ | November 15, 2008 | Matthew Futterman

[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."

[mlocher]

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!

[Ukiapah Heep]

Die, biased media. Die, die, die.

[1rudeboy]

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.

[uncbob]

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

[Loyal Buckeye]

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

[uncbob]

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

[bert]

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

[bert]

......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

[raybbr]

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?

[abb]

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.

[abb]

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.

[ken21]

stupid post.

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

[RayChuang88]

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.

[Tribune7]

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

[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.

[MrEdd]

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.

[abb]

stupid post.

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

[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.

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.

[abb]

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.

[MrEdd]

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.