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Sam Zell: Not reading this blog entry

April 4, 2007

Sam Zell, the Chicago real estate tycoon who is taking over Tribune in an $8.2 billion deal, thinks the Internet holds promise for the troubled publisher and broadcaster, but when it comes to hands-on experience, he’ll be more of a dealer than a user.

The Chicago Tribune in its interview with Zell described him as “an avid reader of newspapers who doesn’t read news online or own a BlackBerry.” It added that he believes “quality ‘relevant’ content is the key to Tribune’s future, whether it is on television, in newspapers or online.”

In the interview, published on Wednesday, Zell avoids specifics on why he wants Tribune. He said he sees the company as a “great challenge… Everything I do is motivated by doing it best, doing it different, answering the questions that no one else could.”

If I had a few billion dollars sitting around, that’s exactly what I’d do.

We also learned that Zell hates betrayal.

He specifically cited rival bidder and Los Angeles billionaire philanthropist Eli Broad as an example: “[Broad] wanted to join Zell as a partner, but Zell said he wouldn’t consider it until the deal was complete. The next day, Broad and fellow Los Angeles billionaire Ron Burkle sent Tribune a letter alleging Zell had an unfair advantage in preparing his proposal. This didn’t sit well with Zell. ‘If somebody calls me and says I want to be a partner, and the next day tries to stick a knife in my back, tell me again why I would want to do business with him?’ Zell said.”

Because everyone knows that such things never happen in the business world.

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