And we thought our credit card bills were bad. Sam Zell’s Tribune company released its quarterly results yesterday. The results included $3.8 billion used “to write down the Company’s publishing goodwill and newspaper masthead intangible assets.” (That’s more than three times what NBC has sold in Olympic ads, just saying.)
Portfolio points us to Alan Mutter who took the time to do the math and says that what these numbers boil down to is a loss of $20 million per day(!) since Zell took over the company. Maybe someone needs to make a Zell clock like the one that counts our national debt per person but in reverse and only for Zell.