As a former Newsday, LA Times, Times Mirror, Tribune employee I’ve followed with great interest the ups and downs of that great company. The Tribune Company merged with the Times Mirror company in June of 2000, that’s when I left The Times, and things went downhill until the recent takeover by Sam Zell and company. HA, If only I had stayed and helped out!
I believe Times Mirror and the LA Times were run by progressive employees who could usually balance the need for profit against producing quality editorial products, Tribune executives did not seem to have the knack for it or the management skills to run all the various pieces.
Admittedly it was a daunting task. Managing properties as diverse as WGN radio, KTLA television and the Chicago Cubs would test any public company. Stockholders wanted immediate profits and the pressure was great to sell off the pieces.
A hopeful savior arrived in 2007. Eccentric real estate billionaire Sam Zell scooped Tribune up for a bargain 8.2 billion, about what Tribune paid for Times Mirror alone in 2000, and privatized it.
It turns out the Chandler family (founder and major Times Mirror stockholders) were smart, probably selling Times Mirror at its peak value in 2000.
Now without all of those pesky Wall Street types hounding Tribune management for obscene profits all would be well. Or would it? In my next post I’ll tell you how I feel about Mr. Zell’s approach and share some of his controversial wisdom.
Admittedly it was a daunting task. Managing properties as diverse as WGN radio, KTLA television and the Chicago Cubs would test any public company. Stockholders wanted immediate profits and the pressure was great to sell off the pieces.
A hopeful savior arrived in 2007. Eccentric real estate billionaire Sam Zell scooped Tribune up for a bargain 8.2 billion, about what Tribune paid for Times Mirror alone in 2000, and privatized it.
It turns out the Chandler family (founder and major Times Mirror stockholders) were smart, probably selling Times Mirror at its peak value in 2000.
Now without all of those pesky Wall Street types hounding Tribune management for obscene profits all would be well. Or would it? In my next post I’ll tell you how I feel about Mr. Zell’s approach and share some of his controversial wisdom.
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