Chicago papers keep reporting that Sam Zell will soon no longer be running Tribune Co. and the papers and TV stations it owns, including The Sun. That was always a given once Tribune sought protection from creditors in bankruptcy court last year. Zell put up hardly any money in the deal to start with; he's certainly not going to be calling the shots once creditors take over the ownership. The only question is: What will the creditors do with the company? Will they try to keep it together, preserving present management's vision of a national chain in several major markets? Or will they sell it off in pieces?

Today's report in the Chicago Sun-Times contains this line suggesting the option "B" is preferred:

The creditors, including investment banks owed $8.6 billion from Zell's Tribune takeover, would stage a takeover of their own and sell off the company's newspapers and broadcast stations as they see fit.

There is no further reference to breaking up the company.