Zell makes bid for Tribune Company

Sam Zell, who recently sold his REIT, Equity Office Properties, for $39 billion, has made a bid to buy the Tribune Company. Zell has offered to buy the entire company with the participation of an employee stock ownership program. Zell has never owned a major media property but has said “there is no difference” between running a newspaper and any other sort of business. Tribune’s newspapers include the Los Angeles Times and the Chicago Tribune. more [NYT]