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Tuesday, November 16, 2010

Sam Zell tells CNBC he'll be leaving Tribune

Sam Zell

In an interview Monday, Tribune Chairman Sam Zell made it clear he does not see a future for himself with the company he currently heads. Zell tells Maria Bartiromo "The company is in dramatically better shape today than it was when we bought it in 2007." He also says he will hand over the keys to the company once the creditors determine who will be its next leader, saying "I think when we're done with the bankruptcy process I will turn it over to whoever the creditors decide they want to run it, and wish them a lot of good luck." Zell led the group that bought Tribune, the parent company of WGN-AM (720) in Chicago, in 2007 for $8.2 billion, only to drift into bankruptcy protection a year later. You can watch the CNBC interview with Zell here.

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