Sam Puts His Feet Up
There appears to be some question whether Sam Zell has the requisite arrogance, the uniform of the Tribune company man:
The Tribune tends to portray McCormick as some kind of hero, and of course he is a hero to those who profit from compromising journalistic principle. McCormick was the master, and he solidified that grand tradition at Tribune. We hope Zell ends it. And uses McCormick's office as a motorcycle garage. It's already greasy from the Colonel's palms.
Amazing Cubs Inflation!
One year ago Forbes valued the Cubs at $448 million, citing as the primary factor the team's ownership of Wrigley Field without debt. Suddenly the local papers are putting the Cubs at $1 billion, and it doesn't seem to matter whether the crumbling real estate goes with the team or not. Here's the recent history of the amazing Cubs inflation phenomenon (and please read the footnotes):
April 16, 2006 (Forbes): $448 million
November 2006 (Tribune): $600 million*
March 30, 2007 (Crain's): $600 million**
April 2, 2007 (Tribune): $500-$650 million
April 3, 2007 (Crain's): $1 billion***
Damn. We should have bought in when it was only $448 million. Or could there be a little irrational exuberance at work here? We'll find out.
* Tribune began throwing this number around in November without naming its source.
** March 30, 2007 figure attributed to "a serious study" with "econometric rigor" by Anderson Economic Group.
*** April 3, 2007 figure attributed to Marc Ganis, a Chicago-based sports industry consultant. The number is repeated, but unattributed, in the Daily Southtown.
Zell tells plans for TribuneMcCormick is the white-collar criminal that Nelson Algren lampoons in Chicago, City on the Make as "the Only-One-on-Earth, the inventor of modern warfare, our very own dime-store Napoleon, Colonel McGooseneck." I think Algren and Zell might get along okay.
By David Greising, Tribune chief business correspondent
In his first full day as the prospective buyer of Tribune Co., real estate investor Sam Zell looked around the stately office of legendary Tribune figure Col. Robert R. McCormick and signaled that a new era is at hand.
"I think this would be a good place to park my motorcycle," Zell said.
The Tribune tends to portray McCormick as some kind of hero, and of course he is a hero to those who profit from compromising journalistic principle. McCormick was the master, and he solidified that grand tradition at Tribune. We hope Zell ends it. And uses McCormick's office as a motorcycle garage. It's already greasy from the Colonel's palms.
Amazing Cubs Inflation!
One year ago Forbes valued the Cubs at $448 million, citing as the primary factor the team's ownership of Wrigley Field without debt. Suddenly the local papers are putting the Cubs at $1 billion, and it doesn't seem to matter whether the crumbling real estate goes with the team or not. Here's the recent history of the amazing Cubs inflation phenomenon (and please read the footnotes):
April 16, 2006 (Forbes): $448 million
November 2006 (Tribune): $600 million*
March 30, 2007 (Crain's): $600 million**
April 2, 2007 (Tribune): $500-$650 million
April 3, 2007 (Crain's): $1 billion***
Damn. We should have bought in when it was only $448 million. Or could there be a little irrational exuberance at work here? We'll find out.
* Tribune began throwing this number around in November without naming its source.
** March 30, 2007 figure attributed to "a serious study" with "econometric rigor" by Anderson Economic Group.
*** April 3, 2007 figure attributed to Marc Ganis, a Chicago-based sports industry consultant. The number is repeated, but unattributed, in the Daily Southtown.
Labels: Chicago Tribune, Tribune Company
posted by Chicago Cubune Watch permalink
