You ever hear of buyer’s remorse? Well, Sam Zell has a huge case of it. In an interview with Bloomberg News, The Tribune owner said buying the debt-ridden media company was “a mistake”, saying he was “too optimistic.”
Zell said he didn’t know the economy would crater like it did, and wouldn’t do the deal if he had to do it again. In other words – he gambled, and he lost. It’s like taking a big pile of money to a casino, betting it all on red, and losing your shirt (and pants, meaning you’re walking home in your underwear.)
Hopes for a local media congromlate keeping jobs in Chicago and maintaining Chicago’s presence in the media world has instead degenerated into mass layoffs, a diluted and an awfully redesigned newspaper, and Chapter 11 bankruptcy. What was once known as a great newspaper has turned into a shell of its former self (fluff stories on page three? Come on.)
So much for all that “change” he was talking about. With its rival Chicago Sun-Times also in Chapter 11, the great newspaper town we once lived in is no more.