UPDATE Sam Zell Says He's Staying As Tribune CEO

Posted Thursday, February 7, 2008 12:00 am

By: E&P Staff Tribune Co. Thursday afternoon dismissed a report that Randy Michaels, a long-time business associate of Chairman and CEO Sam Zell, will soon take the CEO title from Zell.

"Sam intends to remain CEO until the company is stablized and well-positioned for the future," a Tribune spokesman told E&P.

Earlier Thursday, Mergers Unleashed, the Web site of Mergers & Acquisitions Journal reported that Tribune would formally name Michaels CEO "within weeks."

The report by Jonathan Marino also quotes an unnamed source as Zell "will have little daily oversight of operations" at Tribune.

When Zell took the company private in an employee stock ownership deal last December, Michaels was named Tribune's executive vice president and CEO of broadcasting and interactive.

Michaels was CEO of the radio company Jacor when it was owned by Zell. He became CEO of Clear Channel after it acquired Jacor.

Here is the link:

http://www.mergersunleashed.com/news/90339-1.html

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UPDATE Sam Zell Says He's Staying As Tribune CEO

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