Zell's past may hint at plan for Tribune

ZELL'S PAST MAY HINT AT PLAN FOR TRIBUNE
[SOURCE: Los Angeles Times, AUTHOR: Thomas S. Mulligan]
What kind of a news baron would Sam Zell make? With Tribune Co. seriously considering the Chicago real estate billionaire's buyout offer, it's no idle question. Besides amassing the nation's largest collection of office buildings in his Equity Office Properties Trust — which was sold last month to Blackstone Group for $23 billion — Zell, 65, has a long history with smokestack industries, having invested in makers of bicycles, barges, mattresses and airplane rivets. But his only major foray into the media business came with Cincinnati-based Jacor Communications Inc., which he bought out of bankruptcy in 1993 and turned into one of the nation's largest radio-station chains before selling it to Clear Channel Communications Inc. in 1999. Typically, Zell bought smart and sold smart. He claimed in an interview with Barron's to have pocketed $1.3 billion on an initial investment of $70 million. What happened during his ownership of Jacor may be more relevant to the case of Tribune, the Chicago-based parent of the Los Angeles Times, KTLA-TV Channel 5, the Chicago Tribune, two dozen other TV stations, nine other newspapers and the Chicago Cubs baseball team. Zell is a maverick in his casual dress, blunt language and contrarian investing approach. Unlike some other self-made tycoons, he is far from a lone wolf. Throughout his career, Zell has forged strong relationships with partners and subordinates.
http://www.latimes.com/business/printedition/la-fi-zell12mar12,1,5568581.story?coll=la-headlines-pe-business
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http://www.reuters.com/article/industryNews/idUSN1126567920070311

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http://www.bloomberg.com/apps/news?pid=20601103&sid=aseLwrCd66Uc&refer=news