Sam Zell Admits to Buyer’s Remorse

Sam_Zellgg03_CMYK.jpgPossibly ‘buyer’s remorse’ is the nice way to phrase what Sam Zell has been feeling these days, but here’s what he had to say in an interview with Bloomberg Television today about his 2007 acquisition of Tribune Co.:

“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 that I made a mistake. I was too optimistic in terms of the newspaper’s ability to preserve its position.”

On the possibility of a future merger:

“That’s like asking someone in another business if they want to get vaccinated with a live virus…There’s not a long list of people who want to buy newspaper companies today, and for sure it’s not likely to be the case until we reach some kind of a new bottom as to what the newspaper’s role is going to be in our society going forward.”