Zell takes over Tribune

Cory Bergman December 20th, 2007

The deal is officially done, and Sam Zell is already taking action at the newly private Tribune Co. He shuffled the board, named two new executives and promised more changes to come. “We have a tremendous opportunity to take the great brands of Tribune Company, and the enormous talent within the company, to a new level,” Zell said in a prepared statement. “Tribune, along with the newspaper industry, has been mired in its monopolistic origins, and we intend to create a fresh, entrepreneurial culture that is fast and nimble, and which rewards innovation.” One of the moves is naming Randy Michaels to head Tribune Co.’s internet and broadcast operations. Meanwhile, Zell will oversee Tribune’s newspapers. “You call it CEO and I’ll call it owner,” he said in an interview with the Chicago Tribune.