Sam Zell visited Bloomberg TV to proclaim that Tribune Co. would be out of bankruptcy by the end of the first quarter. But when asked if he regretted the deal — if it was, in fact, the “worst business decision he’s ever made” — he didn’t back down.
“It’s certainly the most amount of money I’ve ever lost in a single deal,” he said.
However, Zell said that given the challenges facing all newspaper companies, “Nobody can survive.”
Yesterday, we had New York Times publisher Arthur Sulzberger Jr. comparing print media to the Titanic, and today Zell admits that the end is near. Uh oh.