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Analyst: Zell mortgaged the future of Tribune employees to pursue "a childhood fantasy" NYTimes.com DealBook
"The employees were put in a very bad situation," says analyst Jack Newman. He noted long before Monday's bankruptcy filing: "If there is a problem with the company, most of the risk is on the employees, as Sam Zell will not own Tribune shares. The cash will come from the sweat equity of the employees of Tribune."
>LATer: "No love lost between employees here and Zell"
>Bankruptcy looks like just another phase in Zell's strategy
>Filing won't make things much worse -- or improve things
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>Tribune's letter to advertisers | Tribune story | LAT story
>Odds stacked against Tribune from the moment Zell bought it

The Tribune Company, purchased last year by Sam Zell, announced Monday that it had filed for bankruptcy protection. Zell said:

"By restructuring our debt, we will reduce the pressure on the company's operating businesses, enabling us to pursue our vision of creating a sustainable, cutting-edge media company that is valued by our readers, viewers, and advertisers, and that plays a vital role in the communities we serve. This filing should not impact the way you do your jobs on a day-to-day basis. We will continue to operate responsibly in a challenging environment -– aggressively managing costs and maximizing revenue opportunities. These are all things we would do whether or not we were restructuring our debt."

Here's a timeline of related financial developments since Zell purchased the company:

11/10/2008

Tribune reports 3Q loss of $124 million

7/30/2008

What might have happened had someone else bought Tribune?

7/23/2008

Zell: Cuts were made "so we can survive to live another day"

6/27/2008		Zell: Monopoly newspapers have been insulated from reality
6/27/2008		Bond experts: Tribune looks like it will make it until mid-2009
6/25/2008		Zell open to offers for Tribune Tower, Times Mirror Square

6/18/2008

It's the Debt, Stupid

5/9/2008

Tribune publishing group revenues drop 11% in first quarter

4/17/2008

Zell to creditors: We'll be able to meet our commitments

3/26/2008

More Trouble in Zell-Land

3/14/2008

Would Zell sell the Baltimore Sun? "I don't know," he says

2/27/2008		Trib's "bloated" DC bureau is "economically unsupportable"
2/14/2008		Unions at Tribune papers not surprised by news of more cuts
2/13/2008		Tribune to cut staff by 400 to 500, about 2% of workforce
2/7/2008		Zell's promised Tribune streamlining begins with HR layoffs
2/1/2008		Zell to journos: "I want to make enough money to afford you"
1/5/2008		Paying the Banker at the New Tribune
1/3/2008		Zell was behind "You Own This Place Now" newsroom signs
12/20/2007		Zell plans to shake up the way Trib motivates its sales force
12/18/2007		Chicago Tribune raises newsstand price a quarter, to 75 cents
12/7/2007		Veteran M&A reporter says Tribune deal is one-of-a-kind

Here's a timeline of Zell's deal to purchase the Tribune Company:

12/3/2007		Making Zell deal pay off will be a huge challenge for Tribune
11/21/2007		Imagine if billionaire Zell truly cared about journalism!
11/6/2007		Zell rep won't say who's interested in buying the Morning Call
11/5/2007		LATers "are hoping and praying the deal will go through"
10/22/2007		Zell promises to change corporate culture at Tribune
8/29/2007		Newspapers look to real estate to shore up their finances
8/20/2007		Teamsters to issue warning at Tuesday's Tribune meeting
8/20/2007		Some investors bet Tribune deal won't get done as proposed
7/5/2007		Tribune has hurdles to clear before Zell deal is completed
5/10/2007		Tribune CEO quizzed about Zell deal at annual meeting
4/30/2007		Billionaire Zell breaks new tax ground with Tribune deal
4/30/2007		Tribune execs decline or cut share of transaction bonuses
4/27/2007		Zell hands Tribune staffers the chance to make a bundle
4/13/2007		"I'm not buying a way to get my views shared," says Zell
4/11/2007		"Zell and the Chicago Tribune will be an interesting mix"
4/11/2007		Tribune can lead the industry through a very trying period
4/10/2007		Shafer: I'll bet Tribune's best journalists are already packing
4/9/2007		Zell's surprised by the intense interest in his Tribune deal
4/6/2007		Zell: Newspapers, web firms need new deals, new formulas
4/6/2007		Zell to control minority of Trib board, will have veto power
4/4/2007		Zell: Quality "relevant" content is the key to Tribune's future
4/3/2007		"Matchup of Tribune and Zell couldn't be more improbable"
4/3/2007		Chicago civic and business leaders say good things about Zell
4/3/2007		Here are the biggest winners and losers in the Tribune deal
4/2/2007		Guild pledges to look out for interests of Tribune employees
4/2/2007		Staffers at Tribune newspapers wonder about their future
4/2/2007		Zell wins Tribune auction; Cubs to be sold after '07 season
3/31/2007		Tribune directors still favor Zell's bid, talks resume Saturday
3/30/2007		LA billionaires' late offer for Tribune tops Zell's $33/share bid
3/29/2007		Former WSJ reporter Starkman knows a little bit about Zell
3/29/2007		Tribune expected to announce a deal with Zell on Friday
3/26/2007		Billionaires claim their bid for Tribune was given short shrift
3/24/2007		Zell considered leading suitor for Tribune with $8B offer

Here's a timeline of Newsday sale stories:

5/12/2008

Cablevision Buys Newsday from Tribune

5/6/2008		Zell may reject Cablevision's bid to keep peace with Murdoch
5/2/2008		Cablevision submits its $650 million bid for Newsday
4/29/2008		Why Murdoch -- not Zuckerman -- will probably win Newsday
4/25/2008		Zuckerman to submit a "serious" offer for Newsday today
4/24/2008		Zuckerman said to be reformulating his Newsday offer
4/18/2008		Zell finally acknowledges there's great interest in Newsday

4/16/2008

Zell works to avoid capital gains taxes in Newsday deal