Done deal: Eli broadsided by Sam Zell
The Tribune Company announced Tuesday that it has accepted an $8.2 billion buyout offer from Chicago-based real estate investor Sam Zell, quelling fears expressed by some here at the Sister City that the LA Times was at risk of becoming an unofficial PR mill for the City's 800-pound developer.Read more about the deal here and here.
Posted by solomon @ 4/02/2007 02:57:00 PM
8 Comments:
Good news Walter.
Look for a scathing story in tomorrow's paper about ALL CLOWNCIL members EXCEPT ZINE taking political contributions from the Playa Del Rey lobbyists and partners. Rosendahl took $2000 but voted against the project. Good for Bill. Huizar took he $17,000 and Rocky $51,000. The man suing is saying that the Politicial Reform Act states you can't vote on an issue if you've taken money until a a year later. We need to find out how much Antonio got. Channel 4 Bill Moyer aired the dirty secrets.
antonio watch.
you really think zell is going to keep the la times?
hahhha nope.
federal regs won't allow him to keep it -- fred sanford voice " YOU BIG DUMMY"
of course he is going to sell it.
and... geffen and him are friends and neighbors in malibu.
LA Times will be a Los Angeles institution again.
and because you are weird and paranoid -- burkle, broad and geffen all love the mayor.
:)
Whoa, tiger, slow down and re-read my post. OTHERS expressed this concern -- I never took a position.
Sheesh!
yep, read all about it in the LA Times
Sometimes we report and you decide. Sometimes we decide, then report. Quite often, you report, and then we report.
Zell is a very shrewd businessman.
Look at what he did last month. He got two billionaires (Stephen Schwartzman of Blackstone Group and Steve Roth of Vornado Realty Trust) to fight over his REIT, just as the real estate market was starting to skid.
In just a few weeks, he made his shareholders (and himself) a couple extra billion dollars.
If I were Broad, Burkle, or Geffen, I'd watch out. By the time all of this is said and done, Zell will have them bidding against each other for the Times.
Just watch.
Whoever ends up owning and running it, the Times will still suck. Those of you who still subscribe, cancel your subscription and read it online if you have to.
Indeed Zell will sell (unintended rhyme).
He'll sell the Cubs to the people ala the Green Bay Packers. Those Cubby fans are such losers, they'll buy as soon as the stock hits the market. Even the Loser ZMutt will borrow to buy a share.
Then he'll sell the Trib and then the Times.
But, he'll keep all the Real Estate and make a fortune.
For me, just to get a new owner of the Times, I'd support anyone except the current idiots, as long as it returned to local news.
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