Zell could lose hold on Tribune Co.

The Tribune Co., which has instituted widespread job and content cuts across its media properties,...

The Tribune Co., which has instituted widespread job and content cuts across its media properties, could find itself under new management soon, according to a report in its namesake Chicago Tribune. Although a plan for the company to emerge from Chapter 11 bankruptcy is still taking shape, control of the company could transfer from billionaire Sam Zell to a group of large banks and investors that hold $8.6 billion in debt, the Tribune reports.

Zell’s management of the media conglomerate, which hired Edelman for support when it filed for bankruptcy last year, has often drawn the ire of journalists.

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