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Sam Zell

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BUSINESS
By Paul Adams and Lorraine Mirabella and Paul Adams and Lorraine Mirabella,SUN REPORTERS | December 21, 2007
Real estate billionaire Sam Zell took control of The Sun's corporate parent yesterday, pledging to be an "agent of change" at a company grappling with declining revenue and competition from newer media. After the $8.2 billion sale of Tribune Co. to Zell and an employee stock ownership plan was completed, he appointed a new board of directors and installed himself as chief executive, which had not been expected.
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BUSINESS
By Michael Oneal and Steve Mills, Chicago Tribune reporters | January 14, 2013
When Bank of America credit officer Dan Petrik and his team sat down in early 2007 to analyze Sam Zell's plan to take control of Tribune Co., their numbers showed that the complex deal failed to meet five of the bank's 10 lending guidelines. There was too much borrowed money, too little collateral and the overall risk rating that BofA assigned to the transaction was below what the bank liked to see, according to its preliminary analysis. Petrik had never worked on a deal so weighed down by debt.
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NEWS
By Hanah Cho and Nick Madigan and Hanah Cho and Nick Madigan,SUN REPORTERS | April 3, 2007
The proposed $8.2 billion sale of The Sun's parent to a Chicago real estate magnate takes the company private, positions it for long-term growth and will allow it to keep its newspaper and broadcast properties intact, Tribune Co. executives said yesterday. But the tremendous debt needed to finance the deal - as well as slipping revenue this year - could mean cuts in newsrooms and elsewhere at Tribune's media subsidiaries, company executives, employees and analysts said. Tribune announced yesterday that it had agreed to be sold to billionaire Sam Zell for $34 a share in a deal that involves borrowing $8.4 billion in addition to the company's existing debt.
BUSINESS
By Steve Mills and Michael Oneal, Chicago Tribune reporters | January 14, 2013
Tribune Tower was in crisis, and the illustrations of penguins installed in the building's ornate lobby were meant as a constant reminder. With Tribune Co. revenues sliding and managers struggling to adjust to an Internet revolution, executives in early 2007 turned to a Harvard Business School professor to motivate employees. The penguins in the building's display cases stood on melting icebergs - the professor's metaphor for an industry experiencing rapid and potentially fatal change.
BUSINESS
By Steve Mills and Michael Oneal, Chicago Tribune reporters | January 14, 2013
Tribune Tower was in crisis, and the illustrations of penguins installed in the building's ornate lobby were meant as a constant reminder. With Tribune Co. revenues sliding and managers struggling to adjust to an Internet revolution, executives in early 2007 turned to a Harvard Business School professor to motivate employees. The penguins in the building's display cases stood on melting icebergs - the professor's metaphor for an industry experiencing rapid and potentially fatal change.
BUSINESS
December 3, 2009
Randy Michaels was named chief executive of Tribune Co. on Wednesday, succeeding Sam Zell, who remains chairman of the Chicago-based media concern that has been operating under Chapter 11 bankruptcy protection for nearly a year. Michaels, 57, joined Tribune Co.'s executive ranks when Zell took the company private in a debt-heavy December 2007 transaction, becoming its chief operating officer half a year later. With the elevation to CEO, Michaels also will join the Tribune Co. board. The company owns newspapers including The Baltimore Sun, the Chicago Tribune and the Los Angeles Times.
BUSINESS
By James P. Miller and James P. Miller,CHICAGO TRIBUNE | August 22, 2007
CHICAGO -- Tribune Co. shareholders yesterday formally approved the company's $8.2 billion plan to be taken private, with 97 percent of the shares voted cast in favor of the $34-a-share buyout led by a group that includes Chicago real-estate mogul Sam Zell. The Chicago media holding company, whose properties include The Sun, had tentatively agreed to the complex plan earlier this year. 1st phase completed The first phase of the plan, in which about half the company's shares were bought back at the $34 price, has already been completed.
NEWS
December 25, 2007
Oh Zip Seven, Soon to Be in annual Heaven (Unless a rather hotter Destination Awaits its date of clinical Expiration). But not yet -before such regret Mark this merry day of joy unwrapping, Stockings unhung, ribbons flapping, Squeals and songs and bells a-clapping, A succulent feast, a dash of night-capping. This is when, in busted rhythm, We hail our friends, and all that's with 'em. So holiday greetings to Mayor Ms. Sheila, To Andy McPhail, who we hope will reveal a Penchant for plotting a pennant, O!
BUSINESS
By Jay Hancock and Jay Hancock,Sun columnist | April 8, 2007
Everything Sam Zell does, he told the Chicago Tribune last week, "is motivated by doing it best, doing it different, answering questions that no one else could." Good, because different is what the newspaper business needs. Last week the real estate tycoon agreed to take control of Tribune Co., which owns The Sun, the Tribune, the Los Angeles Times and other papers. His odds of reviving the company are long. But if Zell's aim is to change newspapers' business model rather than their content, he might be onto something.
NEWS
By Paul Moore and Paul Moore,Public Editor | April 8, 2007
Dennis J. FitzSimons, the chairman and chief executive officer of The Sun's parent company, was visibly relieved Monday when he told 20,000 Tribune employees that a protracted search for a buyer for the company had finally ended. As many of the more than 1,200 who work at The Sun joined thousands watching on closed-circuit TV, FitzSimons explained that the company had in fact found two buyers - Sam Zell, a Chicago businessman who made billions in commercial real estate, and the employees of Tribune itself.
BUSINESS
December 3, 2009
Randy Michaels was named chief executive of Tribune Co. on Wednesday, succeeding Sam Zell, who remains chairman of the Chicago-based media concern that has been operating under Chapter 11 bankruptcy protection for nearly a year. Michaels, 57, joined Tribune Co.'s executive ranks when Zell took the company private in a debt-heavy December 2007 transaction, becoming its chief operating officer half a year later. With the elevation to CEO, Michaels also will join the Tribune Co. board. The company owns newspapers including The Baltimore Sun, the Chicago Tribune and the Los Angeles Times.
NEWS
December 25, 2007
Oh Zip Seven, Soon to Be in annual Heaven (Unless a rather hotter Destination Awaits its date of clinical Expiration). But not yet -before such regret Mark this merry day of joy unwrapping, Stockings unhung, ribbons flapping, Squeals and songs and bells a-clapping, A succulent feast, a dash of night-capping. This is when, in busted rhythm, We hail our friends, and all that's with 'em. So holiday greetings to Mayor Ms. Sheila, To Andy McPhail, who we hope will reveal a Penchant for plotting a pennant, O!
BUSINESS
By Paul Adams and Lorraine Mirabella and Paul Adams and Lorraine Mirabella,SUN REPORTERS | December 21, 2007
Real estate billionaire Sam Zell took control of The Sun's corporate parent yesterday, pledging to be an "agent of change" at a company grappling with declining revenue and competition from newer media. After the $8.2 billion sale of Tribune Co. to Zell and an employee stock ownership plan was completed, he appointed a new board of directors and installed himself as chief executive, which had not been expected.
BUSINESS
By James P. Miller and James P. Miller,CHICAGO TRIBUNE | August 22, 2007
CHICAGO -- Tribune Co. shareholders yesterday formally approved the company's $8.2 billion plan to be taken private, with 97 percent of the shares voted cast in favor of the $34-a-share buyout led by a group that includes Chicago real-estate mogul Sam Zell. The Chicago media holding company, whose properties include The Sun, had tentatively agreed to the complex plan earlier this year. 1st phase completed The first phase of the plan, in which about half the company's shares were bought back at the $34 price, has already been completed.
BUSINESS
By Jay Hancock and Jay Hancock,Sun columnist | April 8, 2007
Everything Sam Zell does, he told the Chicago Tribune last week, "is motivated by doing it best, doing it different, answering questions that no one else could." Good, because different is what the newspaper business needs. Last week the real estate tycoon agreed to take control of Tribune Co., which owns The Sun, the Tribune, the Los Angeles Times and other papers. His odds of reviving the company are long. But if Zell's aim is to change newspapers' business model rather than their content, he might be onto something.
NEWS
By Paul Moore and Paul Moore,Public Editor | April 8, 2007
Dennis J. FitzSimons, the chairman and chief executive officer of The Sun's parent company, was visibly relieved Monday when he told 20,000 Tribune employees that a protracted search for a buyer for the company had finally ended. As many of the more than 1,200 who work at The Sun joined thousands watching on closed-circuit TV, FitzSimons explained that the company had in fact found two buyers - Sam Zell, a Chicago businessman who made billions in commercial real estate, and the employees of Tribune itself.
BUSINESS
By Michael Oneal and Steve Mills, Chicago Tribune reporters | January 14, 2013
When Bank of America credit officer Dan Petrik and his team sat down in early 2007 to analyze Sam Zell's plan to take control of Tribune Co., their numbers showed that the complex deal failed to meet five of the bank's 10 lending guidelines. There was too much borrowed money, too little collateral and the overall risk rating that BofA assigned to the transaction was below what the bank liked to see, according to its preliminary analysis. Petrik had never worked on a deal so weighed down by debt.
BUSINESS
By MarketWatch | May 26, 2007
Chicago -- Tribune Co. canceled the $73 million sale of two of its southern Connecticut daily newspapers yesterday. The Chicago media giant also announced that stockholders had tendered about 92 percent of its outstanding shares in a buyback plan to sell the company to billionaire real estate investor Sam Zell for $34 a share, or $8.2 billion. Tribune, which owns The Sun, announced a tender offer in April to repurchase up to 126 million shares of its common stock, representing over 50 percent of its outstanding shares.
NEWS
By Hanah Cho and Nick Madigan and Hanah Cho and Nick Madigan,SUN REPORTERS | April 3, 2007
The proposed $8.2 billion sale of The Sun's parent to a Chicago real estate magnate takes the company private, positions it for long-term growth and will allow it to keep its newspaper and broadcast properties intact, Tribune Co. executives said yesterday. But the tremendous debt needed to finance the deal - as well as slipping revenue this year - could mean cuts in newsrooms and elsewhere at Tribune's media subsidiaries, company executives, employees and analysts said. Tribune announced yesterday that it had agreed to be sold to billionaire Sam Zell for $34 a share in a deal that involves borrowing $8.4 billion in addition to the company's existing debt.
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