In an interview with Bloomberg TV, Sam Zell admits he made a mistake acquiring the Tribune Company in 2007 only to see it go bankrupt in December 2008.
“The definition if you bought something and it’s now worth a great deal less, you made a mistake. And I’m more than willing to say that I made a mistake. I was too optimistic in terms of the newspaper’s ability to preserve its position.”
The former real estate magnate — he managed to escape that market at it’s top — says it’s been difficutl finding someone to takeover the Tribne and that a merger is unlikely.
“That’s like asking someone in another business if they want to get vaccinated with a live virus,” Sam said. “There’s not a long list of people who want to buy newspaper companies today.”