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Cablevision’s Newsday Win Means Zell’s Newspaper Outlook Is Truly Bleak And More Cold Cash In The Bank Now Overweighs A Later Good Long-Term News Corp Working Relationship
Philip Stone May 13, 2008
The spin on Tribune’s sale of Newsday to Cablevision for some $32 Million more than Rupert Murdoch offered is what a fantastic negotiator Sam Zell is and how he fooled Murdoch into thinking the newspaper was his when in fact he was being used to get Cablevision to offer more. The truth more likely is that Zell really wanted to sell to Murdoch and establish a good long-term News Corp working relationship, but Tribune newspaper cash flow is falling so rapidly, the outlook is even more bleak than current results, so Zell cannot afford the luxury of leaving money on the table – he needs every penny he can get for big debt payments due this year and next.
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