Zell in for the long haul


Billionaire mogul Sam Zell told those gathered at an Inland Press Association meeting this week that he sees his proposed acquisition of Tribune Company as a positive investment, predicated on changing the company’s corporate culture. He said that will start to happen automatically the moment it exits the stock market. The reason? Executives will be able to plan for a future a little farther out than the 90-day leash Wall Street ties around the neck of public companies. Zell added that the structure of the deal precludes a quick in-and-out strategy on his part — he’s expecting a stay with the company of at least 10 years. Without going into his strategy if and when he takes over the company, he did express his opinion that his eventual competitors have been slow to adapt to change.