Word: zell
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...Chicago No News Is Bad News The Tribune Co., which owns the Chicago Tribune, the Los Angeles Times, and the Chicago Cubs, among other properties, filed for bankruptcy on Dec. 8, less than a year after billionaire Samuel Zell took the media conglomerate private. Zell's purchase left the company with $13.4 billion in debt, which it was unable to overcome because of the economic crisis and the dire state of the newspaper industry...
...turmoil has already stalled the planned sale of the Chicago Cubs, and owner Sam Zell, CEO of the Tribune Company, should expect a less appealing bid. "This downturn makes deals harder to get done," says Sal Galatioto, president of Galatioto Sports Partners, a consulting firm. "It's more difficult to get debt to purchase a team, and that debt is more expensive...
Blaming American economic woes on a crisis of confidence rather than a shortage of liquidity, business magnate Sam Zell presented a confident view of the nation’s financial strength to the Harvard community yesterday at a talk at Gund Hall. Zell, a billionaire who was ranked #52 on the most recent list of richest Americans by Forbes magazine, came to Cambridge at the invitation of the Real Estate Academic Initiative, a campus faculty group. The Chicago native expressed disappointment with the “demagogic” economic language of Democratic presidential candidates Hillary Clinton and Barack Obama...
Sometimes Zell, 66, shares his views with friends through an annual New Year's e-mail, in which he changes the lyrics of a song to reflect his thoughts. In January 2006, he opined on the private-equity boom through a remake of Raindrops Keep Fallin' on My Head--changed to "Capital keeps rainin' on my head/ So much is out there that the world is out of whack/ When will we see balance back?" The ending: "We need to be prepared for slim annuities...
This year Zell orchestrated the largest leveraged buyout ever when he sold his Equity Office Properties (EOP) Trust to Blackstone Group for $39 billion in a hotly contested bidding war. He also led the winning $8.2 billion bid to acquire the Tribune Co.--a deal that is yet to close. Zell won't comment on Tribune, but during a recent trip to New York City, he did sit down with TIME's Janet Morrissey to talk about the economy, thedebt markets, housing and where he sees the greatest opportunities today...