Tuesday, August 18, 2009

Toot, Toot, Sammy-- Goodbye

Billionaire Sam Zell, who leveraged the Chicago Tribune group of media properties and other subsidiaries into bankruptcy, is being forced out, according to its equally beleaguered competitor, the Chicago Sun-Times.

Tribune creditors are working out a reorganization plan that ousts the real estate mogul, according to reporter David Roeder.

Elsewhere, Crain's reports that the Trib's net revenues for July increased to $508 million from $491 million last July. [http://www.chicagobusiness.com/cgi-bin/news.pl?id=9830]

Read the Sun-Times story on Zell's bye-bye here -- http://www.suntimes.com/business/1715945,CST-NWS-zell14.article