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  • Sam Zell

    The worst of the residential housing market is over, Equity Group Investment Chairman Sam Zell told CNBC on Wednesday. But he said fraud was a major force behind the problems.

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    When Sam Zell announced he'd be selling the Chicago Cubs in 2007, many had speculated that the winning bid would be in the $1 billion range. But that didn't account for the fact that during the long drawn out negotiations, a huge economic crisis would hit, freezing up credit markets and making financing for a prospective owner a harder task.

  • Newspapers

    In the past week two beleaguered newspaper companies — The New York Times and the Tribune Company — have found near term solutions to their long term problems.

  • European shares are up 2% despite some bleak economic reports out of the U.K. today. A survey performed by the country’s largest mortgage lender showed home prices plunged 16% in the fourth quarter from a year ago. That was the sharpest decline in at least 25 years.

  • I've made my predictions for 2009, so It only seems appropriate to look back at the predictions I made a year ago. The world has been transformed by the financial crisis over the past year, so I have to say I'm pleasantly surprised by how much I actually got right, and how much continues to seem to be true.

  • Sam Zell came on CNBC's "Closing Bell" this afternoon to discuss the bankruptcy of the company he owns, the Tribune Company. Anchor Maria Bartiromo asked Zell some questions about the sale of the Chicago Cubs. Here's the transcript of the conversation.

  • Detroit auto makers should be rescued, but through a planned bankruptcy overseen by the federal government, according to real estate magnate Donald Trump.

  • Sam Zell

    Sam Zell saw opportunity in the Tribune Co., when he took it private in April 2007, giving employees a majority stake in the debt-heavy company.

  • The U.S. is likely to have gone into a recession in the last couple of weeks, said Sam Zell, chairman of Equity Group Investments, on CNBC.

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    I had a conversation with a high-profile owner and asked him what his greatest concern in these tough economic times was. He told me exactly what I thought I'd hear. With the lack of liquidity in the market, he said, how hard is it going to be to sell a team for the so-called appraised value?

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    Real estate executive Hersch Klaff and media investor Leo Hindery are among the five groups Tribune approved to continue bidding on the Chicago Cubs baseball team, sources briefed on the matter said.

  • Wrigley Field

    The first bids for the storied Chicago Cubs baseball team and related assets are due by the close of business Friday in an auction that could fetch more than $1 billion, according to a source close to the process.

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    Warren Buffett is scheduled to throw out the ceremonial first pitch at tonight's (Wednesday's) Kansas City Royals game.   Hometown fans may be hoping some of Buffett's success as an investor will rub off on the Royals, who haven't been having much success on the field.

  • Cablevision Systems has made a $650 million bid for Tribune's Newsday newspaper, topping rival offers from media titans Rupert Murdoch and Mortimer Zuckerman, a source briefed on the matter said Friday.

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    In the altered calculus of green economics, what used to be garbage is now a valuable fuel, which can be used – or really, reused - to generate electricity.

  • The chairman of the U.S. Federal Communications Commission said Wednesday he wants to grant media group Tribune a temporary exemption from U.S. media ownership rules, removing an obstacle to an $8.2 billion leveraged buyout of the company.

  • Tribune shareholders on Tuesday approved a proposed $8.2 billion buyout of the newspaper publisher and broadcaster by real estate tycoon Sam Zell.

  • Chicago Cubs pitcher Carlos Zambrano.

    The Chicago Cubs and Carlos Zambrano finally have a deal. The ace right-hander agreed Friday to a five-year, $91.5 million contract extension to stay with the only team he's been with his entire career.

  • The New York Times may be the paper of record, it might have earned the title 'Gray Lady,' but it cannot escape the changing times. I'm not talking about the fact that that print publications across the board are suffering ad revenue declines and subscription dips.

  • Wrigley Field in Chicago.

    The Chicago Cubs franchise, being sold by media group Tribune, has attracted credible interest from about 15 parties, and a deal for the baseball team and other assets is expected to top $1 billion, according to a source familiar with the situation.