Tribune plans no more newspaper sales in 2008

Tribune Co has no plans to sell other newspapers in 2008 after agreeing to sell Newsday to Cablevision Systems Corp, Chief Executive Sam Zell said. Zell told employees that he has had "intermittent conversations" with people interested in other Tribune properties, but would not describe the discussions. A group of buyers has publicly expressed interest in The Sun in Baltimore, while the only public potential bidder to surface for the Hartford Courant has since said a deal would make no financial sense. Tribune is selling properties, including the Chicago Cubs, as it tries to pay down about $13 billion in debt that it took when it went private in a deal led by Zell. He started examining asset sales and began cutting jobs after newspaper advertising revenue declines became worse than expected, making it harder for Tribune to make its debt payments. Sam Zell says he's not planning on selling any more newspapers, but anything else not nailed to the floor may be out the door. Observers think Zell may get $1 billion for the Chicago Cubs, Wrigley Field and a 25% stake in cable channel Comcast SportsNet. The highest price ever for a Major League Baseball team was the $700 million hedge fund maven John Henry paid for the Boston Red Sox in 2002.