News Cycle

A look at the news, politics and journalism in today’s 24-hour media.

Sam Zell: Buying the Chicago Tribune Was a Mistake

leave a comment »

Sam Zell is having second thoughts about his $8.2 billion purchase of the Chicago Tribune, which like all newspapers are losing money hand over fist. He told Bloomberg:

“By definition, if you bought something and it’s now worth a great deal less, you made a mistake and I’m more than willing to say I made a mistake. I was too optimistic in terms of the newspaper’s ability to preserve its position.

“It’s very obvious that the newspaper model in its current form does not work and the sooner we all acknowledge that the better. Whether it be home delivery, whether it be giving content away for free — these are critical issues.

“We are seriously looking at everything because in effect the future of the newspaper industry is at risk today.”

Advertisements

Written by newscycle

April 15, 2009 at 2:19 pm

Posted in Chicago Tribune

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: