'Zell May Be a Genius in Other Lines of Work, But He Is an Idiot in Terms of Journalism'

Sam Zell, who made his fortune in real estate, engineered a takeover of the Tribune Co. in 2007, a deal that saddled his new acquisition with about $13 billion in debt.

I could wear my underwear over my trousers and Tribune would think that’s innovation. Everybody else would think I was wacko." Michael Waller, former publisher of The Baltimore Sun

“Zell may be a genius in other lines of work, but he is an idiot in terms of journalism,” John Carroll, former editor of the Los Angeles Times, said.

Michael E. Waller, a former publisher of The Baltimore Sun, also had choice words for Tribune’s business practices.

“Tribune management confuses innovation with idiocy,” he said. “I could wear my underwear over my trousers and Tribune would think that’s innovation. Everybody else would think I was wacko.”

Waller is not optimistic about the future of some newspaper companies, especially Tribune.

“If this ownership continues its ways, it will be forced to liquidate,” he said.

But he is not willing to give up on the industry overall.

“The real truth is that about 80 percent of the daily newspapers in this country are making money, and most of the real problems are in the big city papers,” he said. “That’s not a dying industry.

“Some of the big papers are going to die because they are being mismanaged, but a lot of newspapers will be fine.” [Click for MORE] Sphere: Related Content