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Samuel Zell: Los Angeles Times
built 292 days ago
Zell and Tribune Co. have announced plans to sell the Chicago Cubs baseball team and its home, Wrigley Field. But despite many offers, he has said he does not intend to part with the major newspapers like The Los Angeles Times.
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As a consequence, Zell may be forced to sell Tribune properties or take on partners to reduce debt. He already has spoken to entertainment mogul David Geffen, who wants to buy the Los Angeles Times or enter into a joint-venture partnership with Zell for control of the paper.
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The tension has been particularly pronounced throughout the deal-making process, which pitted Mr. Zell, a Chicago resident, against a pair of Los Angeles businessmen, Ronald W. Burkle and Eli Broad. Also in the running was a Hollywood mogul, David Geffen, who yesterday reaffirmed his interest in either acquiring The Los Angeles Times outright or buying a stake in it and running it.
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