Sam Zell couldn't have bought into the newspaper business at a more shitty time

By SDH Poor Sam Zell. The real-estate mogul probably woke up one day and said "you know what I want to be in the media business". So Sam coughed up about $315 million of his own money and tapped some investment bankers for the rest. When Sam got his money right, then he made his move on Tribune, the company that publishes loads of Newspapers and owns loads of television stations. Now with billions of dollars in debt, Sam is looking at the possibility of selling off profitable newspapers like New York Newsday, and cutting bodies from his newsrooms. As it turns out, Sam Zell may have gotten into the newspaper business at a really shitty time. Ads are down, paper and ink costs are up, most of us reading them online and people are worried about losing their jobs at any moment due to the shitty economy. Tribune’s net income also hit the shit slopes with only $87 million in 2007 compared to $594 million back in 2006. So how is Sam planning to stay above the tide? Well cutting more jobs, selling off assets and keeping the troops pumped all at the same time. Sam is on the mission to squeeze out cash wherever he can so he can make a $650 million balloon payment from the takeover financing that is due in December, and one for $750 million due in mid-2009. And you’re worried about a $100 cable bill?