Zell considers asset sales

The Tribune CEO didn't go much beyond that - and he certainly gave no indication that the LAT was being shopped around. He wouldn't even commit on the much-reported bids for Newsday. What he did say during an hour-long conference call was that first-quarter earnings were down significantly - double-digit declines in print, the result of big dips in classified (real estate and recruitment advertising is way down). As he's said before, the original goal "was to keep everything together," meaning all the Tribune newspapers, but the lousy numbers so far this year have "put that plan into some question." Beyond that, he and his lieutenants talked a lot about the new can-do attitude around Tribune (at least among ther Zell-ites) and how many of their employees think the place is heading in the right direction. "In the 3,000 emails I've gotten, all of which I read and all of which I answered, perhaps the most common phrase in those emails is, quote, a breath of fresh air," Zell said. "We are changing the culture, we are changing the environment, and we are changing everyone's goals." From E&P:

Classified is about one-third of total print ad revenue, and was responsible for nearly three-quarter of the decline in revenue during 2007, CFO Chandler Bigelow said. Zell said broadcasting results are running ahead of 2007 results, and ahead of the company's projections for the year. Zell also said talks to sell Wrigley Field, home of the Chicago Cubs baseball club, are "making progress." Tribune wants to sell the ballpark separately to an Illinois public agency. Zell said offers books to sell the team will be sent out in 10 days.

Edited post