Real Estate Mogul Sam Zell, the real estate mogul who led an $8.2 billion leveraged buyout of Tribune in 2007 and became its chairman, said he’ll leave the company after it exits bankruptcy, reports CNBC.
Zell told the cable business news channel, "“I don’t envision having any role going forward. As soon as the bankruptcy proceedings are done, I’ll turn it over to whoever the creditors decide they want to run it.”
New York Magazine’s Daily Intel calls Zell " the architect of an $8.2 billion takeover that put the iconic media company on the road to bankruptcy and disarray."
Zell himself thinks otherwise. He also told CNBC, "“The company is in dramatically better shape than when we bought it in 2007,” he added. “I think it produces a much better product, it does so in a much more efficient fashion. So I think there’s a really great hope for the company going forward. And I think it will outperform the media industry, as it has done this year.”