Zell Finalizes Purchase of Chicago Tribune Group

24 December 2007

CHICAGO: Property billionaire Sam Zell has finally laid hands on the must-have accessory for the tycoon who has everything - a major newspaper group, courtesy of his chums at the Federal Trade Commission.

Sam is especially grateful to White House-appointed chairman Kevin J Martin, who persuaded his two fellow-Republican commissioners to amend that body's rules to make the $8.2 billion (€5.71bn; £4.13bn) deal possible.

At long last the proud owner of the Chicago Tribune newspaper and television group, Zell is euphoric about his new toy which encompasses twenty-three TV stations and nine daily newspapers, including the Los Angeles Times.

"We have a tremendous opportunity to take the great brands of Tribune company and the enormous talent within [it] to a new level," he said.

Flaunting his legendary modesty, Zell continued: "We intend to create a fresh, entrepreneurial culture that is fast and nimble, and which rewards innovation."

To ensure that the firm delivers on those promises, Zell has appointed himself as chairman/ceo.

Data sourced from Financial Times; additional content by WARC staff