Thursday, December 20, 2007

it is done: zell closes tribco deal

read on:

Taking on the CEO's role as well as chairman, Zell made clear he won't hesitate to make sweeping changes at the media conglomerate even though he has no previous experience in the industry.

He signaled he has no immediate asset sales in mind at the company that owns 23 television stations and nine daily newspapers, including the Los Angeles Times and the Chicago Tribune, although the Chicago Cubs baseball team and Wrigley Field are to be auctioned off by July.

color me impressed. zell managed to restructure the deal enough to entice his bankers forward, getting them to float the remainder of the necessary tribune company debt -- and he did it in the face of extraordinary pressure in credit markets. it's a deal i didn't think would be done -- nor did the marketplace, which left a hefty discount to zell's equity bid until the last couple days -- and a testament to zell's immense clout.

the changes are on already, as ccd pointed out -- see ya, denny fitz! -- and now the path is clear for the bid submission process for the ballclub to really get rolling. good luck, john canning!

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