On His Way Out, Zell Says Tribune in ‘Better Shape’

By Andrew Gauthier 

Chicago Tribune

Sam Zell, chairman of Chicago Tribune parent Tribune Co., in an interview Monday declined to criticize Randy Michaels, who resigned last month as the company’s chief executive amid criticism of his conduct and the corporate culture he fostered.

Zell also said in his CNBC appearance that the media concern, which has operated under Chapter 11 bankruptcy protection since December 2008, is “in dramatically better shape today” than when he gained control by taking it private in a heavily leveraged December 2007 transaction.


“I would point out to people that they may have the opinions that they’ve expressed, but in the end it’s all about what are the results and, just in the last 12 months, the cash flow of the Tribune Co. has expanded dramatically,” Zell said More…