Zell admits ‘mistake’ in TribCo purchase

(Crain’s) — Sam Zell admits that taking over Tribune Co. hasn’t gone according to plan and was a “mistake.”

“The definition if you bought something and it’s now worth a great deal less, you made a mistake,” he told Bloomberg Television on Wednesday. “And I’m more than willing to say I made a mistake. I was too optimistic in terms of the newspaper’s ability to preserve its position.”