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tribune.com
Samuel Zell, director of the Tribune Co. |
What's made the mess that newspapers are in? Complacency.
At least that's the word from Sam Zell, prospective majority owner of the Tribune Co. In a speech to the Inland Press Association (covered by AP) Zell said that newspapers have not met the challenges of cross-selling different forms of media and the advent of 24-hour news channels.
"I think the newspaper industry has stood there and watched while other media enterprises have taken our bacon and run with it," he said. "It's too much complacency."
Zell also said that the industry has been "standing there and letting this happen while Rome is burning," according to AP.
Furthermore, he said he has "enormous incentive" to maintain his investment in the Tribune Co. for at least 10 years, and sees the company as a good long-term investment. He is expected to invest $315 million in the complicated buyout of Tribune.
