Hell for Zell: The Bankruptcy of Tribune Company
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Case Details:
Case Code : BSTR317
Case Length : 19 Pages
Period : 2000-2009
Pub Date : 2009
Teaching Note :Not Available
Organization : Tribune Company
Industry : Newspapers
Countries : USA
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Please note:
This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Excerpts Contd...
Why Did the Bankruptcy Happen?
Analysts pointed out several reasons for the bankruptcy of the Tribune Company. According to some, Zell had entered the newspaper business without any planning. They also felt that Zell had looked internally and gone in for cost cutting, going in for new formats, reducing content, etc. instead of dealing with the external factors that were causing the fall in ad revenues.
Analysts felt that Zell's lack of journalism experience and knowledge about the media industry had prevented him from understanding the basics of the newspaper business...
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Outlook
The scenario in the US newspaper industry as of late 2008 was grim, with most of the newspaper companies either trying to sell their newspapers or entering into negotiations with their creditors. In addition, the stock prices of almost all the publicly traded newspaper companies had fallen sharply. A noted columnist, Russ Smith said,
"The demise of the print media industry has been evident for years, but its rapid acceleration in 2008 is still shocking on an emotional level."...
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Exhibits
Exhibit I: Top Newspapers of USA by Daily Circulation
as of 2008
Exhibit II: Tribune Company Business Units as of 2008
Exhibit III: Revenue Information for Tribune for 2008
Exhibit IV (A): Tribune Company Income Statement (2005-2007)
Exhibit IV (B): Tribune Company Income Statement (2002-2004)
Exhibit V: Details of the Tribune ESOP
Exhibit VI: The US Newspaper Industry |
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