22 Apr 2009
“By 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 I made a mistake,” Zell said. “I was too optimistic in terms of the newspaper’s ability to preserve its position.”
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“It’s very obvious that the newspaper model in its current form does not work and the sooner we all acknowledge that the better,” Zell said. “Whether it be home delivery, whether it be giving content away for free — these are critical issues.
“We are seriously looking at everything because in effect the future of the newspaper industry is at risk today,” he said, when pressed on the possibility of cutting back on delivery and print in favor of a greater role for digital publication.
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Sam “The Gravedancer” Zell
Not sure how I missed this last week. Quite an about face. Fundamentals must be pretty ugly.
Sam Zell on Tribune Co. acquisition: ‘I made a mistake, I was too optimistic’ | Tower Ticker
