Real estate billionaire Sam Zell became the new owner of Tribune Co., closing on the $8.2 billion acquisition of the media conglomerate. Tribune owns the Los Angeles Times, news station KTLA and 30 other TV stations and newspapers coast to coast. There are no plans for Zell to sell any of the media business units, the Times reported. The Chicago Cubs baseball team and Wrigley Field are for sale. Zell said he plans a broad shake up of the now private company and shift more power and control to the local business units, the Times said.
