A new era at Tribune Co. began taking shape Wednesday with the departure of Chairman and Chief Executive Dennis FitzSimons and the expected arrival of new leadership under Chicago billionaire Sam Zell, the Chicago Tribune reports.

The changing of the guard represents a make-or-break proposition for the 160-year-old media concern, struggling to transform itself for the Internet age by going private in a daring, debt-laden $8.2 billion deal.

Zell, 66, is expected to become Tribune’s chairman and CEO Thursday, when the deal is scheduled to close. FitzSimons, 57, who was the first head of Tribune to come from the broadcasting side of the business, said he realized almost two months ago that he should resign to make room for the first outsider to take control of the company.

“It was clear Sam wanted to have a more direct, day-to-day role operationally,” FitzSimons said in an interview. “[It] seemed to me to make the most sense to have one voice from the top. I think that made the most sense to Sam.”

For all the cast changes and some 11th-hour anxiety among bankers and board members over how Tribune would close the complex transaction, the real drama will come from making the deal pay off.

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