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?

Rupert Murdoch is taking his campaign to win Long Island's Newsday public

By SDH For the first time since it was reported that he was interested in Tribune's Newsday newspaper, News Corp CEO Rupert Murdoch, the most powerful man in media said publicly he thinks Newsday would be a good fit for his tabloidy New York Post. We're not sure how that would go over with Newsday staffers if Murdoch were to land the paper, but we're guessing there would be a lot of bickering on both sides. Exactly how, The New York Post would benefit isn't clear but a Newsday/New York Post link up would allow Murdoch to spread the dishy celeb and business headlines out on the Island. Wait, we just answered the question on how the Post would benefit. After his recent address at Georgetown University in Washington, Murdoch said adding Newsday "will make the New York Post viable and give it a much more secure future". So is Murdoch implying that currently the future of the New York Post isn’t too secure? Is he saying that if a deal like this doesn't happen, we could see the New York Post sold off or come to an end? Such statements can set off an avalanche of speculations. Wonder when Jared "Paperboy" Kushner is going to make his interest in Newsday public?

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]

Newspapers Aggregated: Has young paperboy Jared Kushner joined the pack of vultures reportedly circling Long Island's Newsday?

By SDH The list of potential bidders for Tribune's Newsday is getting longer. Early out it was reported that Rupert Murdoch who seems to want to buy everything was interested in the paper, along with other prominent New York money bags like Cablevisions Chuck Dolan and New York Daily News owner Mort Zuckerman. Now comes word that New York Observer ruler Jared Kushner may have little tingle for the Newsday as well. Tribune is said to be looking for payout in the $500 million region for the paper but there is no word that the company has started to take bids. In other newspaper news, The Wall Street Journal recently swallowed by News Corp, will go on sale in London taking on other business papers like Pearson's Financial Times. The Journal, with an initial print run of around 3,500 copies, will cost 250 pence, well above the 150 pence Financial Times cover price, but not out of line with the price of other non-UK papers sold in Britain. Yeah, like we didn't see this one coming. How long until an Australian version is born?

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."

And now this morning's worth mentioning media business news...

Martha Stewart Living Omnimedia earns, but still misses analyst estimates due to a book deal [Reuters] Speaking of MSO, the company said it will acquire the media and licensed properties of TV chef Emeril Lagasse for around $50 million in cash and stock [Reuters] Things will get really ugly at Tribune Co's newspapers like the LA Times before they get somewhat pretty [NYT] We love Jon Fine and his"One Guy" theory piece, but there was just too many "One Guys" in it. [BW] Former Disney ruler Mike Eisner digs in his pockets and comes back up with $1.75 Million

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.

And now this morning's worth mentioning media business news

-YOSH Remember Max Headroom? Well he is coming back to front a series of TV ads to raise awareness of the digital switchover [MG] The publicly traded Warner Music Group reports another profit miss as the music industry continues to suffer for lack of quality music and artist. How long until WMG is sold by it's owner's or taken private. A record company as a publicly traded company? Stupid! [Reuters] FCC Chairboy Kevin Martin is putting the kibosh on cable companies like Comcast. The FCCer may see his proposal to stunt the growth of already large cable companies become reality. Those cable guys are probably working overtime to find loop holes in the proposal. [NYT] Speaking of the FCC, they may finally clear the Tribune buyout. After all this time we still can't get past this Tribune thing huh? [NYP] Discovery Channel Prexy Jane Root has up-rooted herself and will head back to the UK to pursue media opportunities there... Yuk! [Media Guardian]

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]

Private Investors to continue surfing into the media business on their fat wallets

-Shomari Hines The current obsession by private investors (PI) with the media industry is may get even greater this year according to a PricewaterhouseCoopers report. PI's were part of a brain busting $114.6 billion in deals back in 2006. Perhaps Tribune should have been part of that sum but they're still trying to figure out what to do with themselves. "We expect private equity buyers to pick up speed this year as funds continue raising record amounts of money and firms continue to invest in the E&M sector," said Thomas M. Rooney, Transaction Services leader of the U.S. Entertainment & Media Practice. "Factors such as continued technological convergence, shifting consumer content consumption and evolving technology will afford new opportunities for strategic acquisitions." PwC Sees Increased Activity By Private Equity Firms in Media Sector [WorldScreen]

Morning Wire: Will Tribune Zell? | Disney's black princess, and more in this morning's worthy media news...

Sam Zell will reportedly put $13 Billion on the table for Tribune Co, but they may pass on it quicker than he can put it [Reuters] We bet Mike Eisner wouldn't have green lighted the creation of a black princess [FWJZ] Another story that just won't go away is the Conrad Black story, what will it take? [NYP] Myspace looks to take on Digg.com [NYP] Another publication relaunching with a new look and owner. Say hello to the new New Republic [NYT]

More news about what Tribune won't do

-Neil Yoshida Today out of the Tribune camp comes news we could care less about, then again we must care just a bit to be posting about it right? Anyway from the Tribune camp comes news that the company won't be selling anymore newspapers. That's not all the company isn't selling right? "Our newspapers are clear leaders in the major markets they serve, and fit our strategic focus on larger publishing and interactive businesses," Tribune publishing chiefScott Smith' said in a statement carried by some of the company's papers. "While the special committee of our board of directors continues to oversee Tribune's exploration of strategic alternatives, we have no current plans to sell additional newspapers," he said Will the Tribune saga ever come to an end? Tribune says no plans to sell more papers [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]

Fresh News: Please, Please, Please someone wake us when this shit is over!!

Will we ever be Tribune free? Will this company ever make up its mind and either sell itself or keep itself or just die. Just when we thought all was well with Rupert Murdoch's reported involvement and all, here comes yet another road block to stop us from being Tribune free. An offer for Tribune Co. from its largest shareholder, Chandler Trusts, which was due to expire on Wednesday has been extended, a source close to the Chandlers said. Chandler Trusts, which in June urged Tribune to break itself up or consider a sale, two weeks ago proposed taking the company private in a deal valuing Tribune at $7.6 billion or $31.70 a share. Under the deal, Chandler would buy Tribune's newspaper business and spin off its broadcasting unit. Tribune offer from Chandlers deadline extended: source [Reuters]

Rupe 2.0. How many stories like this do we have to read before they get the point that we got the point?

We don't know and we can't put our finger on it, but we're so sure we read something like the story on News Corp boss Rupert Murdoch in the current issue of Forbes already. You know about his plans to remake News Corp into this new era digital -esque media company and blah blah blah. We're sure there are some new mentions like Myspace China and News Corp's recent finger in the whole pain in the ass Tribune madness though. But in late 2004 Murdoch and Chernin, watching the resurrection of Yahoo, the rise of Google and the shift of ad dollars to the Web, jumped back in. The best way to access the power of the Internet, they decided, was by inserting yourself where users already congregate. They were heavily influenced by the success of FoxSports, a once unexceptional Web site, after it cut a deal for prominent placement on Microsoft's msn network--and then saw traffic leap from 2.2 million to 10.4 million visitors per month. The two asked a group led by FoxSports manager Ross Levinsohn to round up a list of Web properties likely to be available. He came back with three targets: MySpace, then owned by a marketing outfit called Intermix; ign; and a site Chernin won't identify. Yo Ross!, we sure hope you're getting some kind of lifetime cut out of all the money Myspace is bringing and will bring to News Corp. One thing's for sure, they (Rupe & Pete) are really enjoying your work. Murdoch 2.0 [Forbes]

Its King Rupe to the rescue

And we thought no one was interested in the foster child of the newspaper industry. But out of no where comes News Corp ruler Rupert Murdoch throwing his hat in the ring, well kinda. Rupe is actually teaming up with the chandler family who decided after all this time that they wanted to hold on to their company. News Corp. is believed to be particularly interested in acquiring a small stake in Tribune's Long Island newspaper Newsday, which could combine certain back-office operations with The Post, resulting in significant cost savings. A deal with Newsday could also result in advertising cross-selling in the metro market. NEWS CORP. JOINS CHANDLERS IN PAPER CHASE [NYP]

Eli Broad and Ron Burkle's full takeover plan for Tribune now downgraded to a cash injection

Even when someone does step forward with a bid for Tribune Co its only for a piece of the pie. Billionaires Ron Burkle and Eli Broad who were once said to be eyeing the whole Tribune pie are now only offering a cash injection of about $500 Million for 30% of the company. We guess due to the fact that there wasn't great interest from other potential buyers, team Broad Burkle downgraded their plan. Under the leveraged recapitalization proposal, the pair would raise $11 billion in debt to fund the deal, the source said, adding that they have financing committed. The proposal offers Tribune shareholders $34 a share -- made up of a $27 dividend and equity valued at $7 a share. Shareholders would retain a stake of about 70 percent in the company, which would continue to be publicly traded. Tribune's shares closed down 18 cents at $30.34 Tribune bid deadline passes, billionaires launch proposal [Reuters]

Trials and Tribune-ations continue. Lead bidders may pass on a deal

Holy Crap, is there anyone who wants to buy Tribune and get this frigging story out of the headlines. Wait who are we kidding? If and when Tribune is sold off to some white knight, the "Sold" story will be bigger than the "No one wants Tribune" story. But we're not sure if the "Sold" story will come anytime soon, because the time has come and gone After a painstaking, closely watched process that has stretched for almost four months, the auction for Tribune Co. appears to be fizzling. Offers are due Wednesday at 5 p.m. Central time, but as of Tuesday night few, if any, of the original suitors seemed intent on making a firm bid. A source familiar with the situation said the private-equity group that appeared to be the lead horse--Chicago's Madison Dearborn Partners, New York's Apollo Management and Rhode Island's Providence Equity Partners--might not follow through on a bid. UPDATE: Tribune Deadline Nears With No Sign of Strong Bid [E&P]

Tribune May Grab Tribune

It seems as though people with their hands in the Tribune pot has no idea what to do with the company. Bids were coming in a few months ago but apparently they weren't high enough. Now the Tribune Foundation may do the unthinkable! and grab full control of the company. At least try to. The decision by the foundations to seek their own adviser splits the trusts from the company and may disrupt a sale process already hampered low offers. The company, publisher of the Los Angeles Times and owner of the Chicago Cubs baseball team, in November pushed back a deadline for bids until this quarter after failing to generate strong enough interest. ``This move signals a vote of no confidence in current Tribune management,'' Alexia Quadrani, an analyst at Bear Stearns & Co. said in a note to clients today. The company, which is expected to receive final bids Jan. 17, may not be getting as much interest as anticipated, said New York-based Quadrani, who rates the shares ``peer perform.'' Tribune Foundation Hires Blackstone as an Adviser [Bloomberg]

The newspaper warrior

After having the balls to stand up to his bosses at Tribune Company, naturally Dean Baquet was eventually booted as Editor. Apparently his bosses didn't see the newspaper business the way he saw it. Big media is all about the dollar, not necessarily what's right. Mr. Baquet did what many newspaper editors wouldn't even think of doing and told his bosses no, when they ordered him to make cuts in his newsroom budgets. However unfortunately for Mr. Baquet, even though such a stance is honorable in some eyes, other newspapers may think twice about hiring him because at the end of the day, newspaper owners are all about the cash before anything else? He may have to go the DIY route and launch some kind of online venture. Hey all former print editors do it. Well, he didn’t quite quit. Dean Baquet spit into the eye of the hurricane. In September, the editor of the Los Angeles Times let it be known that he would not be making any new cuts in his newsroom budget, even if the owners at the Chicago Tribune Company asked. He then gave a speech on Oct. 26 to Associated Press managing editors in New Orleans about an “irrational era of cost-cutting.” He said that editors should “put up a little bit more of a fight than we have put up in the past.” He told editors, “Don’t be shy about making the public-service argument.” And he said, “We need to be a feistier bunch.” Media Mensch ’06 [NYO]

Chandler Family to David Geffen: $2 Billion aint enough

David Geffen must have read the sale tag on the Los Angeles Times incorrectly because according to reports, the billionaire was about $1 billion short on his offer. Tribune shareholders, including the influential Chandler family, believe the value of the L.A. Times is closer to $3 billion and have said any sale of the paper would have to be done as a tax-free transaction, sources said. Taxes on a $3 billion sale of the L.A. Times could be as much as $900 million, some analysts estimate. But sources said the newspaper could be sold tax-free by engaging in a so-called "sponsored spin-off," in which Geffen or another buyer owns about half of the newspaper and public shareholders own the rest. Hey Dave. You should just join the Burkle Broad team and go after the whole Tribune stable. A BILLION $HORT [NYP]

Morning Wire: NBC lights the tree online, Florio trades mags for food and more...

Dick praises the thug Time Warner big bear Dick Parsons is praising corporate thug Carl Icahn for having some kind of impact on the world's biggest media company. Parsons yesterday told a Reuters media conference that without Icahn's surprise raid and bust-up attack on Time Warner, the media company might never have gotten its own rescue plan off the ground in a timely way. Former Conde boss trading mags for food Steve Florio the man who sat at the top of the world's most fabulous magazine publisher for 10 years is finally leaving the company for good to get his hands into the stress filled business of selling food. Condé Nast Vice Chairman Steve Florio is going into the restaurant business on the East End near his home in Sag Harbor. Il Tutto Giorno is expected to open in about two weeks. The English translation for the phrase is All Day, which doesn't exactly make sense, but Florio insists the food will be first rate. Strong Interest delays Tribune sale A sale of Tribune Co won't come anytime too soon until maybe early next year as the company has decided to extend the auction to 2007. Tribune said that its advisers, including Merrill Lynch and Morgan Stanley, recommended that the board extend the auction into the first quarter of next year in order to "ensure thorough consideration of all proposals."