Zell Buys Newspaper Publisher
by Leslie Bunder April 2nd, 2007Filed in: Business, Media
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Property billionaire Sam Zell has bought newspaper publisher Tribune in a deal worth $8.2bn.
The LA-based company owns the Chicago Tribune and the Los Angeles Times as well as several other local newspapers and 23 TV stations.
Zell is said to be worth over $4.5bn and is the son of parents who fled Poland weeks before the country was invaded by Nazi Germany in 1939. Zell himself was born in Chicago in early 1940.
“I am delighted to be associated with Tribune Company, which I believe is a world-class publishing and broadcasting enterprise,” said Zell. “As a long-term investor, I look forward to partnering with the management and employees as we build on the great heritage of Tribune Company.”
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