Sam Zell: I've Made a Huge Mistake
 

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Going on the Arrested Development theme for today, blustery Tribune owner Sam Zell — whose company filed for bankruptcy this past winter — concedes he may have made a little huge mistake in his blatant Murdoch-mimicry.

 

"By definition if you bought something and it's now worth a great deal less, you made a mistake," Zell told Bloomberg TV Wednesday. "And I'm more than willing to say that I made a mistake. I was too optimistic in terms of the newspaper's ability to preserve its position."

Also by definition: If you buy a company that was worth something and then ran it into the ground, allegedly bilked the company out of millions, had your writers sue you, and spent more time trying to leverage your baseball team than your fatally wounded newspaper empire, you've made a mistake. But you know, baby steps.

Apr 15, 2009 · 271 views (beta) · Link · Respond
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