Forget the Chandler Family; forget the Tribune Company of Chicago. The Los Angeles Times is now owned by Chicago real estate billionaire Sam Zell. KTLA-Channel 5 is part of the deal. With a history of picking up what are called "distressed properties," Zell calls himself "a grave dancer" and "a vulture investor." Is that good news or bad for Times readers and employees? We look for some early answers. On Reporter's Notebook, it's opening day for Major League Baseball.
FROM THIS EPISODE
It’s opening day of the baseball season with the so-called Los
Angeles Angels playing tonight in Anaheim. The Dodgers opened in Milwaukee and it was not an auspicious moment. The score was 7 to 1. Los Angeles writer Jon Weisman is editor of DodgerThoughts.com.
Since the Chandler family sold the Los Angeles Times to the Tribune Company of Chicago, there's been a parade of news editors and publishers, several of whom has left because of resistance to cutting costs. Now, the Times, along with KTLA Channel 5, are the property of Chicago billionaire Sam Zell, who has no prior experience in the newspaper business. With an estimated $4.5 billion, Forbes calls him the 52nd richest American. A story in today's LA Times says that Zell's interests are "purely economic." Zell himself says he has no editorial vision.