Morning Wire: Zell's Vetoisms, goodbye Chandler family, dinner with David Geffen and more in this morning's worthy media news, Tribune Edition

Tribune Co fresh off the Zell win, disclosed some of the changes that will take place under the new dictatorship of Sam Zell. Even though he will control a minority of the board, Zell will still swing the biggest wrinkled dick in the company with veto power on any major transactions. Top managers will hold “phantom stock” and will be allowed to cash in the stock at some point. All this sounds OK for Zell and his top managers but it’s the little people who will feel the presence of Zell. Sure they get shares in the company too but if they need to cash in to lets say pay down on a house or something they can’t because top managers get the first go at cashing in stock. Oh yeah did we mention that they have to wait a whole fucking decade before even thinking about cashing in? In other words a huge chunk of them probably won’t get that shot due to the fact that they will probably have left or gotten laid off from Tribune by then. The people who do the real work are always the ones getting stiffed in some way or another. CONTINUED... Also, talks seem to be picking up steam between Zell and a hovering David Geffen who still wants a shot at the L.A Times. Dinner for two is set for sometime today between the two men which could lead an announcement about Geffen taking control of the paper. Man just when you thought this Tribune thing was over, a whole new chapter has just opened. Our predictions, lay offs, even though Zell claims there will be none. We also expect some shake-up in top management, and perhaps the sale of some businesses as well. Then again isn’t that like everyone’s predictions? One major change that will happen right away is the Chandler Family’s exit. Three directors representing the Chandlers will depart Tribune Co.'s board as part of the deal. -SHOMARI