Wednesday, December 19, 2007

FitzSimons resigns from Tribune

Over the last few years we have lost nearly all of the people that we used to bitch about on this site on a regular basis. First it was Andy MacPhail, next Dusty Baker, today we can add Tribune front-man Dennis FitzSimons to this list. (Jim Hendry better have that resume updated)

Following a favorable FCC Ruling on Wednesday:

In the end, the most important thing the FCC may have done for newspapers is grant waivers for the 42 existing newspaper-broadcast combinations, relieving them of concerns they one day might have to divest and removing a potential hurdle to sales.

Chicago-based Tribune, owner of The Times and KTLA Channel 5, received waivers last month from the rule to close its $8.2-billion deal to go private. Waiting for FCC approval delayed the deal and had threatened to prevent the company from closing by the end of the year until Tribune and its political allies successfully pushed the FCC to act.

The takeover by Sam Zell is even closer to a reality. Dennis FitzSimons saw the writing on the wall and turned in his resignation on Wednesday. The Chicago Tribune is reporting the Zell is expected to take the Chief Executive spot:

Zell is expected to become chief executive, according to a source close to Tribune. A source at Tribune would not confirm that. A spokeswoman for Zell could not be reached.

These moves, just send us closer to the day the Chicago Cubs are not owned by the Tribune. Hallelujah!

One thing of note. Look at the amount of cash FitzSimons takes away from the company he nearly ran into the ground:

According to public documents, FitzSimons will leave the company with $38.3 million in severance and stock holdings accumulated over a 25-year career with the company.

No comments: