Will Zell Stay Or Will He Go?
September 1, 2009 at 4:41 AM (PT)
Could SAM ZELL survive the TRIBUNE CO.'s bankruptcy and still in control of the company? The NEW YORK TIMES, citing "people close to the restructuring talks, speaking anonymously because the discussions were supposed to remain private," reports that, contrary to analysts' past predictions, ZELL may not be shown the door upon the company's restructuring, noting that "major creditors have not yet given a clear indication whether they want Mr. ZELL to leave or remain in some capacity. Nor has Mr. ZELL said clearly whether he wants to go, though he is used to being the man in charge, and his authority would be diminished under new owners."
ZELL has not been granting interviews at this time, and, as previously reported, a memo from COO RANDY MICHAELS to staff indicated that the ownership structure of the company will likely change but top management will remain in place.
TRIBUNE owns Talk WGN-A/CHICAGO.