If Tribune was still a public company, Sam “Crazy Sam” Zell’s little antics probably wouldn’t fly on Wall Street at all

By SDH Is new Tribune CEO Sam Zell trying too hard to be different? Is he trying too hard not to be the typical media suit? Since taking over Tribune Zell has told employees that the company’s internet policy is out the door and they are free to surf the web and look at anything they want, he also fooled fools when he ordered up an April fools joke sending out a fake press release stating that the company changed its name to Zelcomediaenterprises. Zell even had the company’s website changed to reflect the fake name as well. Now Sam Zell’s Tribune is back in the news again with the craziest press release ever. It’s as if they got a gossip blogger to pen the release. It was about the appointment of Marc Chase as President of Tribune Interactive. Never mind that Chase is a former radio exec. However, this may be exactly why the release was written in this manner to take away from the fact that Zell’s new Interactive Prexy probably doesn’t know what the hell his new roll means. With antics like these, is Sam Zell painting a funny face and putting a red nose on Tribune? Or will he inspire other media CEO to loosen their ties and take the stick out of their asses?

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?

Bought out LA Times staffers say their goodbyes in emails, while taking shots at the Zell Administration at parent company Tribune

By SDH Whenever someone gets canned at any company, they always shoot out a goodbye email to their fellow staffers telling them how much they enjoyed working with them and they wish them the best, blah blah blah! When new Tribune owner Sam Zell ordered cuts at his newspapers, namely the LA Times, some staffers sent their goodbye emails but not before taking shots at Zell and his minions. Editor and Publisher published some of what they thought were the most vocal emails and we have to say, we would have been much nastier in our goodbye emails. Why the fuck not? The closest any of these emails published by Editor & Publisher came to slapping Sam Zell was from Joel Sappell, special projects editor. Our new "Innovation Officer" recently used the origins of rock 'n roll to explain his vision for The Times. No offense, Lee, but I'd like to think of us more as a symphony, with each part, each note, as important as the next. And, Mr. Zell, please don't confuse arrogance with a commitment to something grander than the real estate in which we're housed or to the dollars in our ESOP. You want people to "Talk to Sam" but not to "Talkback to Sam." Perhaps that's a closer definition of arrogance. Don't Play It Again, Sam: 'L.A. Times' Staffers Bid Farewell in E-mails -- Some Targeting Zell [E&P]

April fools from ZelcoMediaEnterprises Tribune Co

By SDH New Tribune Co boss Sam Zell is probably the nuttiest and most potty mouthed old dog in the media business. Zell known for spitting out words that are usually withheld for outside of work during happy hour, apparently woke up in an April Fools mood today and decided to pull one on is Tribune Co staffers. Zell ordered his underlings to send out a fake press release announcing that Tribune Co was changing its name to "ZellCoMediaEnterprises Inc". Old man Zelly even went as far as having the web guys change the company name on the corporate website. The bogus release -- issued by Tribune spokesman Gary Weitman (or, as he styles himself in the piece, "VP/Propaganda and Disinformation") -- quotes Zell as saying since he personally invested $315 million, "the least I ought to get is my name on the company's stationery."

Quick Note: Cuts at Tribune shouldn't be a surprise to anyone

BY SDH Tribune Co which finally got acquired by real-estate magnate Sam "Potty Mouth" Zell after a lengthy process announced that because of the economy and lack of print ads, they will eliminate hundreds of jobs in a cost saving campaign because Sam Zell can’t turn the sinking ship around without throwing some bodies overboard. Cuts are expected across brands like the LA Times and Hoy. No one, including Tribune employees should be surprised Sam Zell is ordering hits. However if you are surprised, then you're a dumb dumb who deserves to be canned because of your dumb dumbness.

FCC chairboy kevin martin's new proposal confuses us

-By MARTY What FCC Chairboy Kevin Martin is proposing will probably open the consolidation flood gates. The FCC chief has submitted his proposal to relax its ban on the cross-ownership of newspapers and broadcast stations in the 20 biggest U.S. cities. The deal is designed to help newspaper publishers save their papers by allowing them to perhaps buy a TV or a radio station which some how some way would help. We don't even think Kev knows what he is proposing. "A company that owns a newspaper in one of the 20 largest cities in the country should be permitted to purchase a broadcast TV or radio station in the same market," Martin wrote his newspaper column. "But a newspaper should be prohibited from buying one of the top four TV stations in its community." FCC chief proposes to relax media ownership ban [Reuters]

Will Mel Karmazin ever get his "I Did It" cover?

Sirius Satellite boss Mel Karmazin may have to go back on his "Why Sirius & XM should merge" tour because someone at the FCC wasn't sold on the idea. However Mel isn't the only one who has to convince this someone at the FCC. It looks like Sam Zell may have to do some convincing regarding his Tribune Co take over as well. FCC Commissioner Michael Copps, one of two Democrats on the five-member commission, said it would be a "steep climb" for him to cast a favorable vote on either deal because he has serious concerns about consolidation in the U.S. media. "Somebody's going to have to make a pretty powerful and potent demonstration that it serves the public interest," Copps said, referring to the XM-Sirius deal. FCC official voices doubts on Tribune and Sirius deals [Reuters]

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

Could David Geffen still land the L.A. Times via his buddy Sammy Zell?

According to published reports, Sam Zell is in talks with fellow billionaire David Geffen about Geffen possibly taking control of the L.A. Time in some sort of spin off or joint venture deal. If this is the case and it does happen, this would be a huge win for Geffen who initially took a run at the paper only to back off when it became clear that the flip flopping board of Tribune wanted to sell the whole Tribune pie. -NEIL YOSHIDA Meanwhile, a source familiar with Geffen's thinking who spoke on condition of anonymity because negotiations are ongoing said Geffen has spoken with Zell since Monday's announcement and is optimistic that he may gain control of the Times, either in a spinoff deal or a joint-venture partnership. Geffen's original $2 billion offer for the Times was turned down in November. "Yes, I continue to want to buy the Los Angeles Times," Geffen said in an interview yesterday. Zell in Talks With Geffen On Deal for L.A. Times [Wapo] EARLIER: Chandler Family to David Geffen: $2 Billion aint enough

Morning Wire: Joy to the world, Tribune sells to Zell

-SHOMARI HINES After months and months and months of an ass dragging auction process, the board of Tribune has decided that they like Sam Zell's offer. But we won't get too excited until this deal is official because the Tribune board is now known for their flip flopping. Early on out David Geffen had his hand in the whole thing but skipped out really fast. We really thought the company would have went to L.A. billionaires Ron Burkle and Eli Broad but the moment Sam Zell entered the race, Tribune wanted him to be the one, you know being a fellow Chicagoan and all. Sam Zell, a flamboyant Chicago real estate tycoon who has never run a newspaper, has won the battle of the billionaires for the Tribune Company, meeting the company’s demand for a higher bid to match one from Ronald W. Burkle and Eli Broad, a person close to the talks said today.Precise terms of the deal are expected to be disclosed this morning, though the price is $34 a share, or $8.2 billion, this person said. The centerpiece of his proposal is a complex financial structure known as an employee stock ownership plan, which is to pay for much of the deal. Tribune Accepts Real Estate Magnate’s Bid [NYT]

Hopefully this whole Tribune thing can finally get on a path to the end

The flip flopping Tribune board is reportedly looking at a sweeter offer from billionaire Sam Zell and we are down our knees praying that this is the beginning of the end to the whole Tribune roller coaster that has been present for........who knows how long. Its like that cousin you agreed to let stay with you for one weekend and now he just won't go away. We swear, we would call a day of posting, "Tribune Day" to celebrate the end this thing. The offer would be a $2.47 premium to the newspaper publisher and broadcaster's closing price of $30.53 on Friday. A special committee of directors that is reviewing options for Tribune received details of the proposal on Wednesday, the Times reported. Tribune has about 240.2 million shares outstanding, which would make the bid worth nearly $8 billion. Zell offers $33-per-share for Tribune: L.A. Times [Reuters]

Can someone shave Tribune’s head and stick in rehab please

This Tribune thing is past the point of pain in the ass. The individuals involved can't make up their small minds, and they keep issuing statements that they can't make up their minds. Why is this taking so long? Over the weekend they reportedly comb through some offers and is considering one made by real estate magnate Sam Zell to take the company private. Oh god please let Zell's offer put this thing to rest already! Tribune, pressured by its long-slumping stock price, appointed a special board committee in September to review the company's prospective offers. The board intends to decide on a plan to increase shareholder value by the end of March, the company said. The board would prefer a recapitalization plan involving a spinoff of Tribune's television stations and the payment of a bid dividend to shareholders, The Wall Street Journal reported Sunday on its Web site. Tribune mulls Zell offer [AP]