When Sam Zell announced on December 20th 2007 that he had completed a deal to buy the Tribune Company-with holdings including the Los Angeles Times and the Chicago Tribune, an array of local television stations and the Chicago Cubs baseball team-he made a bold promise. A property tycoon with little experience in media, Mr Zell vowed to create "a fresh, entrepreneurial culture that is fast and nimble, and which rewards innovation". Tribune, he hoped, would represent the future of newspapers. He may be right, but not in the way he intended. On December 8th the company filed for bankruptcy protection.
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