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’Weekend catch-up
In case you missed these stories:
- Austria takes control of Bank Medici
Bernard Madoff’s alleged $50bn fraud on Friday claimed its biggest victim to date as the Austrian government was forced to take control of Bank Medici,
Tribune files for bankruptcy
The crisis in US newspapers on Monday claimed its biggest victim when Tribune Company filed for bankruptcy protection, a year after its $8.2bn leveraged buy-out by property tycoon Sam Zell and subsequent steep advertising decline.
The Tribune Company -ends-
Score one for the advocates of the ‘end of newspapers’ meme, then: the Tribune Company – publisher of of the Chigago Tribunes and the LA Times, and owner of the Chicago Cubs and Wrigley Field – has filed for Chapter 11 bankruptcy protection.
Further reading
Elsewhere on Monday,
“The 12 members of the UBS board palpably failed in their fiduciary duties; that only the chairman has so far left is ridiculous.”
Just in… reports that UBS is prepared to sell its investment banking business.
Tribune deal heralds new breed of investors
Sam Zell, the Chicago billionaire, prevailed in the battle for Tribune, one of the largest US media groups, after he agreed to raise his offer to $34 per share, or about $8.2bn, trumping a rival bid from California billionaires Eli Broad and Ron Burkle.
Tribune reportedly falls to Zell
It’s a shame, really, but the boardroom shenanigans over the future ownership of the 160-year old Tribune newspaper group, taking in the Chicago Tribune and the Los Angeles Times, may well have reached an end.
After EOP, Zell turn sights on Tribune
Fresh from flogging his commercial real estate empire to Blackstone, in a deal valued at $39bn, Sam Zell is now turning his sights elsewhere.
The Wall Street Journal picks up a story today, which ran earlier in the week in the Chicago Tribune,
Capital is raining on my head: a message from Sam Zell
Another “can it be real?” moment from the wonderful collision that is the internet, the business world and music-making – but real it is.
This one, courtesy of Naked Shorts, is a Christmas message in song from property tycoon Sam Zell,