Romenesko Memos
Sam Zell writes to Tribune employees: "Last fall, the previous management team made the decision to eliminate the profit sharing contribution. I don't necessarily disagree with their reasoning -- costs needed to be cut so the going-private transaction could close, and cash flow was down 12 percent through the third quarter of '07. I do, however, very much disagree with the fact that they didn't tell you, and left it to me to break the news. As much as I would like to reinstate this plan, we just don't have the $20 million we would need to do it."
