Prepare to be Mushroomed

 

Prepare to be Mushroomed

The massive leveraged buyout of the Tribune Company by Chicago real estate magnate Sam Zell—the 65th richest man in America according to Forbes, with a personal fortune of $4.5 billion—is in the beginning stages. My bet is that it will result in a tsunami of layoffs, buyouts, firings, and wrecked careers and lives. According to the Jan. 25, 2007 Newstrack, the media industry slashed 17,809 jobs in 2006, an 88% increase over the 9,452 jobs lost the prior year. Last year, we watched The Philadelphia Inquirer and Daily News fall into the hands of a local consortium of investors that has neither newspaper experience