Lenders may take Tribune, oust Zell

Why, Sky Diving, of course!

 

And there he goes, but this doesn't look better for Trib employees ...<blockquote>Eight months after the filing, two sources familiar with the process said creditors are working on a reorganization plan that elbows Zell aside. The creditors, including investment banks owed $8.6 billion from Zell's Tribune takeover, would stage a takeover of their own and sell off the company's newspapers and broadcast stations as they see fit.</blockquote>http://www.suntimes.com/business/1715945,CST-NWS-zell14.article

 

Personally, I'm gonna miss the innovative puppies.

 

I'm happy to say, The Asshole isn't high on the pay-out list.
He's way after Chase and their $1.9 billion claim.

 

What business was Sam Zell in before newspapers? Commercial real estate. Vengeance-seekers, don't fret. He's in a world of hurt. Tribune Co. is the least of his worries.

 

Would Zell's hand-picked bobos -- Abrams, Michaels, maybe even the new editor (name escapes me, which is telling I think) -- be ousted as well? Or do they get to keep playing in the old billy goat's sand box long after he's gone?

 

Um, I don't think so.

I think the mother fucker is going to be just fine... terrestrially speaking, of course.

 

This is from an entertainment-industry source, but, if it pans out, it could be an interesting turn of events in the Tribune Co. saga. Story has former Disney CEO Michael Eisner heading an imminent takeover of Tribune.

http://www.thewrap.com/media/article/michael-eisner-ready-cross-finish-line-tribune-co-20528

From the L.A. Times a few days before that:

http://www.latimes.com/business/la-fi-tribune-20100826,0,573518.story

Here's an item on the story by LAObserved, a good media-news site:

http://www.laobserved.com/archive/2010/08/eisner_set_to_take_over_t.php

 

Can someone summarize for me the myriad journalistic experiences that Michael Eisner would bring to the job?

 

He's not Sam Zell?

I don't know what to make of this, really. I suppose it can be seen as a positive that anyone wants to touch the Tribune right now. I don't know much about Michael Eisner beyond what I read in "Disney War," which was a fascinating look at both his triumphs and bungling at Disney. If nothing else, I suspect with Eisner there's a decent chance he won't just dismantle the paper and sell it off for parts.

 

What J-School said. Simply the fact that Eisner isn't Sam Zell is positive news.