Before Sam Zell bought the Tribune Company last year, he said he was “skeptical” of using staff reductions to increase profit. He famously told the Los Angeles Times, “I promise you I did not come here to be the captain of the Titanic.”

Since then, however, the newspaper industry’s woes have intensified,and Zell has made numerous staff reductions at Tribune’s newspapers, which in addition to the L.A. Times also include the Chicago Tribune and the Baltimore Sun. The outspoken Zell, who made his fortune investing in real estate, has dubbed the Tribune purchase “the deal from hell.”

–

Read the full

Portfolio

story.