Sam Zell: Buying the Chicago Tribune Was a Mistake

Sam Zell is having second thoughts about his $8.2 billion purchase of the Chicago Tribune, which like all newspapers are losing money hand over fist. He told Bloomberg:

"By definition, if you bought something and it's now worth a great deal less, you made a mistake and I'm more than willing to say I made a mistake. I was too optimistic in terms of the newspaper's ability to preserve its position.

"It's very obvious that the newspaper model in its current form does not work and the sooner we all acknowledge that the better. Whether it be home delivery, whether it be giving content away for free -- these are critical issues.

"We are seriously looking at everything because in effect the future of the newspaper industry is at risk today."