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Jay Leno to WGN TV?

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Posted by chicagomedia.org on June 05, 2008 at 09:16:46:

Tribune Co. expects to retain a minority interest in the Chicago Cubs when it sells control of the major league ballclub. It also wants to talk to top-rated late-night comedian Jay Leno, whom NBC plans to replace next year as host of "The Tonight Show."

Those were the revelations as Sam Zell, chairman and chief executive of Chicago Tribune parent Tribune Co., completed his introductory tour of company newspapers and television stations this week, a five-month road trip that initially scored headlines with bleeps and ended with a couple of bombshells.

"We've been on this road show since January, … which basically tells you Tribune has a lot of different properties and a lot of different opportunities," Zell said Monday at Denver's KWGN-TV before heading Tuesday to check in on company stations in Seattle and Portland.

It was at Portland's KRCW-TV that Zell and Chief Operating Officer Randy Michaels said they were interested in talking to Leno about a possible TV gig, noting that the newly rebranded cable superstation WGN America would be a great distribution outlet for him, along with Tribune Co.'s TV station group, which includes Chicago's WGN-Ch. 9.

Denver is where Zell said nine potential buyers, preapproved by Major League Baseball, are awaiting release of the team's financial data, which should be sent out soon. He also revealed that Tribune Co. won't completely let loose of the team, carried by WGN-TV, WGN America and WGN-AM 720.

"In all likelihood, the company will keep some kind of minority interest in the Cubs," Zell said, as he reiterated his interest in letting a new owner take over.

"An asset like that is an extraordinary asset for ego gratification and identification, none of which the Tribune took advantage of … nor do I think they were capable of doing that," he said. "It belongs in entrepreneurial hands and I think that would benefit the team, the city and, for sure, Tribune."

It was not immediately clear what percentage of the team Tribune looks to keep. Tribune Co. would realize some tax benefits in such an arrangement, but the small stake would protect its TV and radio assets' long-standing—and financially beneficial—links to the team. A company spokesman declined to expand on Zell's remarks.

Zell, who engineered a heavily leveraged deal to take Tribune Co. private in December, was asked by a KWGN staffer what the company will look like in five years.

After saying he didn't know, Zell speculated there would probably be fewer newspapers, more broadcast outlets and a "more powerful" interactive presence. "The $64 question is the future of print media," he said.

Here's hoping the answer is worth more than $64.

(Rosenthal)

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: Tribune Co. expects to retain a minority interest in the Chicago Cubs when it sells control of the major league ballclub. It also wants to talk to top-rated late-night comedian Jay Leno, whom NBC plans to replace next year as host of "The Tonight Show." : Those were the revelations as Sam Zell, chairman and chief executive of Chicago Tribune parent Tribune Co., completed his introductory tour of company newspapers and television stations this week, a five-month road trip that initially scored headlines with bleeps and ended with a couple of bombshells. : "We've been on this road show since January, … which basically tells you Tribune has a lot of different properties and a lot of different opportunities," Zell said Monday at Denver's KWGN-TV before heading Tuesday to check in on company stations in Seattle and Portland. : It was at Portland's KRCW-TV that Zell and Chief Operating Officer Randy Michaels said they were interested in talking to Leno about a possible TV gig, noting that the newly rebranded cable superstation WGN America would be a great distribution outlet for him, along with Tribune Co.'s TV station group, which includes Chicago's WGN-Ch. 9. : Denver is where Zell said nine potential buyers, preapproved by Major League Baseball, are awaiting release of the team's financial data, which should be sent out soon. He also revealed that Tribune Co. won't completely let loose of the team, carried by WGN-TV, WGN America and WGN-AM 720. : "In all likelihood, the company will keep some kind of minority interest in the Cubs," Zell said, as he reiterated his interest in letting a new owner take over. : "An asset like that is an extraordinary asset for ego gratification and identification, none of which the Tribune took advantage of … nor do I think they were capable of doing that," he said. "It belongs in entrepreneurial hands and I think that would benefit the team, the city and, for sure, Tribune." : It was not immediately clear what percentage of the team Tribune looks to keep. Tribune Co. would realize some tax benefits in such an arrangement, but the small stake would protect its TV and radio assets' long-standing—and financially beneficial—links to the team. A company spokesman declined to expand on Zell's remarks. : Zell, who engineered a heavily leveraged deal to take Tribune Co. private in December, was asked by a KWGN staffer what the company will look like in five years. : After saying he didn't know, Zell speculated there would probably be fewer newspapers, more broadcast outlets and a "more powerful" interactive presence. "The $64 question is the future of print media," he said. : Here's hoping the answer is worth more than $64. : (Rosenthal)

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