Good Luck to Tribune
It's been touted as one of the most difficult and disastrous media deals in recent memory. Even billionaire Sam Zell himself called it ... "the deal from hell."
Mr. Zell's paid more than $8 billion for Tribune Company nearly three years ago. Less than one year after the deal, Tribune filed for chapter 11-protection.
Zell told Maria Bartiromo in a CNBC Exclusive that he does not “envision a role” for himself going forward. Zell said, “As soon as we get it out of bankruptcy, I will wish whoever takes it over a lot of good luck, and they should enjoy being in the media industry more than I do.”
However, Zell still stands by his decision. He maintains that “the company is in dramatically better shape today” compared to 2007. Zell thinks Tribune “produces a “better product in a more efficient fashion.”
Zell thinks Tribune will outperform the media industry.
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