Friday, March 14, 2008

Zell to sell?

He's not ruling out the possibilty of selling off assets. At a meeting with Baltimore Sun employees Thursday, he was asked if he'd sell The Sun. “I don't know. The goal was to keep all of the assets together.” But those goals were set with the expectation that revenue would be down 2 percent to 3 percent year over year, he said, not the 16 percent to 18 percent decline Tribune newspapers are experiencing. “If that trend continues, we may have to re-evaluate a lot of our decisions.”

Besides looking to sell off Wrigley Field and the Cubs, Zell is “evaluating what to do with The Sun's real estate holdings, including its headquarters, Port Covington printing plant and leased space for its Web operations.”

"That land on the bay is worth a lot," he said, referring to the printing plant, which sits on nearly 60 acres near the Middle Branch.
Buying and selling properties is how Zell made his fortune. Gotta hope that Zell's business strategy will ultimately provide healthy returns for Tribune workers — soon.

No comments: