The Tribune offer by Zell. Who will profit?
Bob Morris @ Apr 9th 2007 08:37 - Category: Unfiled
The Detroit Free Press (a mainstream newspaper) sums it up well in an article about billionaires Kirk Kerkorian and Sam Zell plans to, respectively, buy Chrysler and the Chicago Tribune by using an employee ownership plan (partly funded by employee pension funds, no doubt, as well as by employees giving up pay and benefits)
Zell and Kerkorian got to be stupendously wealthy by crafting deals that were immensely profitable for them, not necessarily for others.
Zell also appears to want to make profits through litigation, as witness his ludicrous attack on Google for “stealing” content. Jason Calcanis, who started weblogs.com then sold it to AOL for millions, rips Zell’s statement to shreds.
Neither billionaire, I think it’s safe to say, has the interest of the company or its employees uppermost in their minds.
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