Tribune Company is a U.S. media conglomerate that owns newspapers and television stations coast to coast, including the Chicago Tribune and the Los Angeles Times. Tribune acquired the LA Times in 2000 when it purchased Times Mirror Co. for $8 billion. All of Tribune, including the Times Mirror assets, is now worth $3.8 billion, according to newspaper analyst Ken Doctor.

Today, a Chicago businessman named Sam Zell took over leadership of Tribune through a complicated transaction involving massive debt and employee ownership. Zell sent this note to investors:

We’ve got a long way to go to shed all the things that tied us down in the past, and to realize the enormous potential we can create. You’ll see a lot of changes in the coming months.

* We will take intelligent risks and reward innovation.

* We will tear down bureaucracy and reward entrepreneurial spirit.

* We will compete fiercely but with integrity.

* We will work hard and have fun.

First thing shed: Dennis FitzSimons, the CEO who led the company to and through the deal with Zell. But shed no tears: FitzSimons took home a severance package said to be worth as much as $40 million, accord to Tribune’s Los Angeles Times.

See: Content Bridges and Editor & Pubisher and LA Times