Wednesday, April 15, 2009

Sam Zell on Tribune Co. acquisition: 'I made a mistake, I was too optimistic'

Phil Rosenthal writes:

Tribune Co. Chairman and Chief Executive Sam Zell told Bloomberg Television today that his heavily leveraged 2007 acquisition of the Chicago Tribune parent was "a mistake" in that he did not anticipate the steep decline in the newspaper business.

"By definition, if you bought something and it's now worth a great deal less, you made a mistake and I'm more than willing to say I made a mistake," Zell said. "I was too optimistic in terms of the newspaper's ability to preserve its position."


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