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Zell Takes Over As Tribune Boss

Posted on: Thursday, 20 December 2007, 18:00 CST

Outspoken billionaire Sam Zell took over the Tribune Company Thursday as chairman and chief executive of the newly private Chicago-based media conglomerate.

Zell promised sweeping change in how the giant company is run and said he would play a much bigger day-to-day role than he originally anticipated when he proposed the $8.2 billion transaction last April.

He named two long-time associates in key roles in getting the new organization going. Randy Michaels will take over as Tribune's broadcast and Internet chief and Gerry Spector will craft a new, more efficient corporate structure.

Zell will oversee Tribune Co. newspapers, which include the Chicago Tribune, Los Angeles Times and Long Island's Newsday. He reserved for himself the critical role of managing and paring down Tribune's massive $13 billion in debt load.

This is not a career change for me, Zell said, noting that he will remain head of his investment firm, Equity Group Investments. He said he doesn't plan to hold the Tribune CEO title indefinitely.

Zell will take the company's reins from former Tribune chairman and chief executive Dennis FitzSimons, who announced on Wednesday he would step down from those posts and leave the company by year's end.

Source: United Press International

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